2009 Iowa Code
Title 2 - Elections and Official Duties
Subtitle 3 - Public Contracts and Bonds
CHAPTER 73A - PUBLIC CONTRACTS AND BONDS
73A.18 - WHEN BIDS REQUIRED -- ADVERTISEMENT -- DEPOSIT.

        73A.18  WHEN BIDS REQUIRED -- ADVERTISEMENT --
      DEPOSIT.
         When the estimated total cost of construction, erection,
      demolition, alteration or repair of a public improvement exceeds the
      competitive bid threshold in section 26.3, or as established in
      section 314.1B, the municipality shall advertise for bids on the
      proposed improvement by two publications in a newspaper published in
      the county in which the work is to be done.  The first advertisement
      for bids shall be not less than fifteen days prior to the date set
      for receiving bids.  The municipality shall let the work to the
      lowest responsible bidder submitting a sealed proposal.  However, if
      in the judgment of the municipality bids received are not acceptable,
      all bids may be rejected and new bids requested.  A bid shall be
      accompanied, in a separate envelope, by a deposit of money or a
      certified check or credit union certified share draft in an amount to
      be named in the advertisement for bids as security that the bidder
      will enter into a contract for the doing of the work.  The
      municipality shall fix the bid security in an amount equal to at
      least five percent, but not more than ten percent of the estimated
      total cost of the work.  The checks, share drafts or deposits of
      money of the unsuccessful bidders shall be returned as soon as the
      successful bidder is determined, and the check, share draft or
      deposit of money of the successful bidder shall be returned upon
      execution of the contract documents.  

         Section History: Early Form

         [C62, 66, 71, 73, 75, 77, 79, 81, S81, § 23.18; 81 Acts, ch 28, §
      2] 

         Section History: Recent Form

         84 Acts, ch 1055, § 3
         C93, § 73A.18
         2006 Acts, ch 1017, §21, 42, 43
         Referred to in § 314.1, 314.1B, 346.27