A. Performance Bonds: All persons who contract with the district to manage solid waste shall furnish performance bonds conditioned upon the faithful performance of their agreements. All such bonds shall be written by an insurance company licensed to transact business in this state and shall be for a sum of not less than one-half (1/2) of the annual sum paid to each such contractor. No such bond shall exceed one hundred percent (100%) of the annual contract payment to each contractor. Each performance bond shall be for a period equal to the initial contract term, or any extension thereof.
B. Payment Bonds: Each contractor referred to above shall, not less than ten (10) days after the execution of each contract, deliver to the district proof of a payment bond executed by a surety company licensed to transact business in this state, guaranteeing payment of wages to all employees of the contractor and the cost of all supplies, materials and insurance premiums required in fulfilling each contract.
C. Liability Insurance: All contractors and permit holders under the provisions of this chapter shall furnish proof to the district of liability insurance covering all aspects of their activities under this chapter. No personal injury policy shall be for less than five hundred thousand dollars ($500,000.00) per person, or one million dollars ($1,000,000.00) per accident. No property damage policy shall be for less than one million dollars ($1,000,000.00) per accident. All policies required by this chapter shall have a minimum cancellation period of not less than thirty (30) days after receipt in writing of the notice of cancellation by the district. (Ord. 93-03, 8-2-1993, eff. 10-1-1993)