The apparent high bidder shall deposit with the borough, at the time of lease offering, the first year’s rental or that portion of it as provided in KIBC 18.40.070, together with the unpaid costs of survey, appraisal, and advertising. Upon deposit of the required sum by the apparent high bidder, the manager shall thereupon issue to the apparent high bidder a receipt for the required sum containing a description of land or interest leased and the rental bid. The bidder shall acknowledge the receipt in writing. Failure of the lease purchaser to execute the lease contract shall result in the forfeiture of the purchaser’s rental deposit. [Ord. 98-25 §2, 1998; Ord. 84-61-O §10, 1984; Ord. 78-7-O §2, 1978].