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Every person awarded a contract for a public project involving an expenditure in excess of $25,000 shall, before commencing work on any such public project, furnish the city with, and file in the office of the City Clerk, a bond or bonds, in a form satisfactory to the city, in the sum of 100% of the contract price thereof, conditioned upon the faithful performance of the contract, and upon the payment of all labor and material furnished in connection with the contract. For contracts in amounts less than $25,000, the City Manager is authorized to determine whether or not to require faithful performance and payment of labor and materials bonds or in lieu of such bond or bonds, cash or its equivalent security, as specified.
(‘86 Code, § 3.40.030) (Ord. 3507, passed - - ; Am. Ord. 4517, passed 2-25-08; Am. Ord. 4675, passed 8-10-15)