Section 6008 Of Article 1. Manner Of Granting From California Public Utilities Code >> Division 3. >> Chapter 1. >> Article 1.
6008
. Each sealed bid shall be accompanied with cash or a certified
check payable to the treasurer of the county or municipality for the
full amount of the bid, and no sealed bid shall be considered unless
the cash or check is enclosed therewith. The successful bidder shall
deposit at least 10 percent of the amount of his bid with the clerk
of the county or municipality before the franchise is struck off to
him. If he fails to make the deposit immediately his bid shall not be
received, and is void, and the franchise shall then and there be
again offered for sale to the bidder who makes the highest cash bid
therefor, subject to the same conditions as to deposit. This
procedure shall be had until the franchise is struck off, sold, and
awarded to a bidder who makes the necessary deposit of at least 10
percent of the amount of his bid.