§ 1.4. Contract procedure.

When specifications for improvements have been approved by the Council, the City Clerk shall advertise in a daily paper of general circulation in the City for bids for the construction of such improvements. The advertisement shall state the time for submitting bids, which shall be not less than ten (10) days from the date of the advertisement. Bids shall be filed with the City Clerk and shall be opened and read at a meeting of the Council. The Council shall award the contract to the most advantageous and the lowest secure bidder, or the Council may reject all bids. No bid shall be amended, revised, or changed after having been filed. All bids shall be secured in the amount of five percent (5%) of the bid as a penalty if the successful bidder fails to enter into a contract and furnish bonds as required.