(a) Every City public works project having a value of more than $7,500 but less than $50,000, 80% or more of which is paid out of public funds, shall require a performance bond to ensure the timely and satisfactory completion of the project.
(b) The amount of the performance bond shall be as follows:
(1) Projects less than $7,500 - no bond required;
(2) Projects greater than $7,500 but less than $10,000 - $10,000 bond;
(3) Projects between $10,000 and $25,000 - $25,000 bond;
(4) Projects more than $25,000 - $50,000 bond.
(c) Any quote, bid or other proposal received by the City in violation of this section shall be deemed null and void and shall not be considered when awarding the public works project contract to which it relates.
(Ord. D-1799-06, as amended, 6-19-06; Ord. D-2067-11, 11-7-11)