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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of November 5, 1991 <br />TO: Honorable Mayor and City Council <br />FROM: Richard E. Acevedo, Finance Director <br />6i <br />SUBJECT: Waiver of Bid Security on Formal Bids for Date: October 30, 1991 <br />All Light Vehicles Up To A Value of $50,000 <br />To Be Purchased in Fiscal Year 1991/92. <br />BACKGROUND: <br />Past experience has shown that vehicle dealers will not submit <br />bids on our formal bids for vehicles if we require the standard <br />10% Bid Security. To encourage bidding on our requirements for <br />vehicles, we have been waiving the Bid Security requirement on <br />approval of the City Council. <br />DISCUSSION: <br />We have waived the Bid Security the last three fiscal years. We <br />have not experienced problems with vendors by not having the Bid <br />Security. <br />RECOMMENDATION: <br />Staff recommends that the Bid Security be waived on all light <br />vehicle bids up to $50,000.00. <br />Report prepared by K. L. Peterson, General Services Manager <br />Attachments: None <br />Page 1 of --1 <br />--- <br />Item No. <br />CENINAL i-eECURUS <br />FILE NO...... <br />