Bidder’s security may be required when deemed necessary by the purchasing authority. Bidders shall be entitled to return of bid security. However, a successful bidder shall forfeit his or her bid security upon refusal or failure to execute a contract within fifteen days after notice of award of that contract, unless the city is responsible for the delay. The contract may be awarded to the next lowest responsible bidder upon the refusal or failure of the successful bidder to execute the contract within the time herein prescribed. (Ord. 1435 § 1 (part), 2003: Ord. 954 § 2 (part), 1983: prior code § 2952.3)