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specifications and in accordance with the abovementioned proposal, <br />a copy of which agreement is presently on file in the office of <br />the City Clerk, to which copy reference is hereby made for full. <br />particulars concerning the terms and conditions thereof. <br />4. The City Clerk is hereby authorized and directed to return <br />to all unsuccessful bidders, and to the successful bidder upon <br />execution by it of a contract for the performance of said work, <br />all security guaranteeing execution of the contract upon award. <br />