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city shall fail to execute the bonds and tender them for <br />delivery within sixty days from the date of the sale <br />thereof, and in such event the successful bidder shall be <br />entitled to the return of the deposit accompanying his bid. <br /> <br /> Form of Bid: Each bid, together with the bid <br />check~ must be in a sealed envelope, addressed to the <br />city with the envelope and bid clearly marked <br /> <br /> "Proposal for City of Santa Ana <br /> Library Bonds." <br /> <br /> Bid Check: A certified or cashier's check on <br />a responsible bank or trust company in the amount of 3% <br />or the principal amount of the bonds, payable to the <br />order of the city must accompany each proposal as a <br />guaranty that the bidder, if successful~ will accept.and <br />pay for said bonds in accordance with the terms of ~is <br />bid. The proceeds of the check accompanying any accepted <br />proposal shall be applied on the purchase price or, if <br />such proposal is accepted but not performed, unless such <br />failure of performance shall be caused by any act or <br />omission of the city, shall then be retained by the city. <br />The check accompanying each unaccepted proposal will be <br />returned promptly. <br /> <br /> Change in Tax Exempt Status: At any time before <br />the bonds are tendered for delivery the successful bidder <br />may disaffirm and withdraw the proposal if the interest <br />received by private holders from bonds of the same type <br />and character shall be declared to be taxable income under <br />present federal income tax laws, either by a rul~r~of the <br /> <br /> <br />