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~32 <br />extension of the time therefore be granted by the Common Council. The party whose bid is <br />accepted shall also execute and deliver to the City a good and sufficient bond, with one or <br />more sureties to be approved by the Public Works Committee of the City, in an amount equal <br />to eighty per cent of his contract price, as security for the faitriful and satisfactory ful- <br />fillment of his contract. <br />Section 5. That each party bidding for said construction shall accompany his bid with <br />a certified check or cash in an amount equal to five per cent of the amount of his bid, as e' <br />of good faith, and said check, or the proceeds thereof, or said money shall be retained by <br />the City until a written contract is finally made, and fully executed and the bond furnished <br />and delivered, all to be done within ten days after the award of said contract. <br />Section, 6. t`THEREAS, the construction contemplated and provided for by this f~rdinance <br />is a necessary construction and the sewer sys+..em to be improved is in such condition that <br />its immediate improvement is essential to its safety, it is, therefore, declared that an <br />emergency exists and that is is necessary for the immediate preservation of the public peace, <br />health and safety, that this Ordinance take effect at once, and it is ordered that this act <br />shall take effect immediately upon its passage by the Council and approved by the Mayor. <br />Passed by the Corunon Council <br />this 28th day of June, 1948. <br />/s/ Henry F. Beistel <br />Ci i-,y ecorder <br />Approved by the Mayor this <br />29th day of June, 1948. <br />/s/ Earl L. ~1cP,utt <br />Mayor <br />e <br />1. <br />1 <br /> <br />