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<br />CGM:djg-c 1/13/83 <br /> <br />auction of said real property, using the highest acceptable <br /> <br />bid received (or 90 percent of the appraised value of said <br />real property, whichever is greater) as the minimum bid. <br />In the event such auction is conducted, oral auction bids <br /> <br /> <br />shall be received, provided that each such bid shall be <br /> <br />at least One Hundred Dollars ($100.00) higher than the <br /> <br /> <br />minimum or immediately preceding auction bid; <br /> <br />(d) No sealed bid or auction bid submitted may <br /> <br />be withdrawn pending award or rejection of the bids. In <br /> <br /> <br />the event award is made on an oral auction bid, such bid <br /> <br />shall be confirmed by the bidder in writing at the time <br /> <br /> <br />of award using a written bid form provided therefor, and <br /> <br /> <br />such bid shall be accompanied by cash, cashier's check <br /> <br /> <br />or certified check in a sum equal to at least 10 percent <br /> <br />of the bid price, which cash or check will be forfeited <br /> <br /> <br />to the City of Redwood City for failure to pay the <br /> <br /> <br />balance of the purchase price in accordance with the <br /> <br />terms of the bid documents. <br /> <br /> <br />At the Council's discretion, the Council may waive receipt <br /> <br />of such bid security at the time of tentative award of the bid <br /> <br /> <br />and upon an auction bid; provided, however, that such security <br /> <br />shall be deposited with the City Treasurer prior to 5 o'clock <br /> <br /> <br />p.m. the next working day following the auction. In the event <br /> <br />3 <br />