§ 121. Proposals. No contract shall be let, except after the receipt
of sealed bids or proposals therefor, and no bids or proposals shall be
received at any time other than at a regular meeting of said board, and
unless they conform to the rules of the board and the general ordinances
of the common council. All bids or proposals must be indorsed with the
title of the work or materials to which they relate, the name of the
bidder and his residence. It shall be the duty of each member of the
board to be present at the time and place mentioned in the public notice
for the receipt and opening of bids or proposals, and such meetings
shall be open to the public. After all the bids or proposals have been
presented, but not until one-half hour after the time stated in the
public notice for holding the meeting, all bids or proposals shall be
opened by some member of the board or by its secretary, publicly and in
the presence of the bidders and other persons there present, and an
abstract of all of such bids or proposals, with the prices and security
offered, shall be transcribed in a book kept for that purpose, without
any change, correction or addition whatever. A majority of the board
need not be present when such bids or proposals are opened. The board
may reject all bids or proposals received at any meeting and advertise
again for new bids or proposals to be received at another meeting as
above prescribed. No person submitting, or on whose behalf a bid or
proposal is submitted, nor the principal or sureties on any bond or
security accompanying the same, shall have the right to withdraw or
cancel any such bid, proposal, or bond until the board shall have
awarded the contract for which such bid or proposal is made, and such
contract shall have been duly executed.