7-12-2137. Procedure for dealing with bid securities. (1) If bids are rejected, the board of county commissioners shall thereupon return to the proper parties the bid securities accompanying the bids so rejected.
     (2) The bid security accompanying said accepted proposal or bid shall be held by the county clerk until the contract for doing said work, as hereinafter provided, has been entered into, either by the lowest bidder or by the owners of over 50% of frontage, whereupon said bid security shall be returned to said bidder.
     (3) If said bidder fails, neglects, or refuses to enter into the contract to perform said work and improvements as hereinafter provided, then the bid security accompanying his bid, in the amount therein mentioned, shall be declared to be forfeited to the board and shall be collected by it and paid into the general fund of the county.

     History: En. Ch. 123, L. 1915; superseded by Ch. 156, L. 1917; amd. Ch. 67, L. 1919; superseded by Sec. 7, Ch. 147, L. 1921; re-en. Sec. 4580, R.C.M. 1921; re-en. Sec. 4580, R.C.M. 1935; amd. Sec. 3, Ch. 134, L. 1961; amd. Sec. 3, Ch. 220, L. 1975; R.C.M. 1947, 16-1607(part).