(a) The performance of the terms and conditions in any concession agreement or lease by way of concession, having a term in excess of one (1) year, shall be at all times secured by a performance bond or irrevocable letter of credit. Any bond or letter of credit shall be renewable no more often than annually, shall be in form and content and with such surety or issuer as approved by the Director of Law and shall be in an amount not less than the largest fixed annual fee or rental payment required for such concession or lease by way of concession during the term of such bond or letter of credit. If the concession agreement or lease by way of concession does not provide for a fixed fee or rental payment, the amount of the bond or letter of credit shall be determined by the Director of Law. Each bond shall provide for thirty (30) days’ notice to the Director of Law if said bond will not be renewed or otherwise extended, in which event, lessee or concessionaire shall furnish a replacement bond or letter of credit prior to the expiration of the bond. Lessee or concessionaire shall submit a bond or a replacement letter of credit at least thirty (30) days prior to the expiration of a letter of credit.
(b) In the event that improvements are required to be made by the concessionaire or lessee under a concession agreement or lease by way of concession, the construction of such improvements shall be secured by a separate performance bond or bonds or irrevocable letter of credit. Said bonds or letter of credit shall be in form, content and amount and with such surety or issuer as approved by the Director of Law.
(Ord. No. 1419-89. Passed 6-12-89, eff. 6-19-89)