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<br />/ <br /> <br />o <br /> <br />o <br /> <br />~ <br /> <br />such other time not in excess of 7 days from the date of <br /> <br /> <br />opening of the bids, as the City Manager may determine; <br /> <br /> <br />(c) At said meeting, prior to the time of award or <br /> <br /> <br />rejection of bids, the City Council may conduct a public <br /> <br /> <br />auction of said property, using the highest acceptable <br /> <br /> <br />bid received (or 90 percent of the appraised value of said <br /> <br /> <br />property, whichever is greater) as the minimum bid. In <br /> <br /> <br />the event such auction is conducted, oral auction bids <br /> <br /> <br />shall be received, provided that each such bid shall be <br /> <br /> <br />at least One Hundred Dollars ($100.00) higher than the <br /> <br /> <br />minimum or immediately preceding auction bid; <br /> <br /> <br />(d) No sealed bid or auction bid submitted may be <br /> <br /> <br />withdrawn pending award or rejection of the bids. In the <br /> <br /> <br />event award is made on an oral auction bid, such bid shall <br /> <br /> <br />be confirmed by the bidder in writing at the time of award <br /> <br /> <br />using a.written bid form provided therefor, and such bid <br /> <br /> <br />shall be accompanied by cash, cashier's check or certified <br /> <br /> <br />check in a sum equal to at least 10 percent of the bid price, <br /> <br /> <br />which cash or check will be forfeited to the City of Redwood <br /> <br /> <br />City for failure to pay the balance of the purchase price in <br /> <br /> <br />accordance with the terms of the bid documents. <br /> <br /> <br />At the Council's discretion, the Council may waive <br /> <br /> <br />receipt of such bid security at the time of tentative award <br /> <br /> <br />of the bid and upon an auction bid; provided, however, that <br /> <br /> <br />such security shall be deposited with the City Treasurer <br /> <br /> <br />prior to 5 o'clock p.m. the next working day following the <br /> <br /> <br />auction. In the event such waiver of security is made and <br /> <br /> <br />deposit thereof is made within the time allowed, Council <br /> <br />... ~ - - - -- - -, - -- <br />