A. The City Council may, during any time that a contract with any commercial collector exists for the collection of refuse under this title, require such collector to post a twenty five thousand dollar ($25,000.00) performance bond to guarantee satisfactory performance of any contractual obligations entered into by the City and such commercial collector. The City may, at its option, require such bond at the time any contract is initially negotiated and executed with a commercial collector or may waive such requirement initially and add such requirement later during the pendency of any contract. If the City shall believe a bond requirement is appropriate while any contract is pending, the contractor shall be entitled to at least fourteen (14) days' notice of a hearing concerning the subject of bond. At that hearing the contractor shall be entitled to participate prior to the City's final determination concerning whether a bond requirement will be added to any such existing contract.
B. In the event that the City determines that a performance bond higher than twenty five thousand dollars ($25,000.00) shall be required of any collector, it may increase the bonded amount to such rate as a two-thirds (2/3) vote of the City Council deems appropriate under the then existing circumstances.
C. In the event that the City shall determine that a bond in excess of twenty five thousand dollars ($25,000.00) shall be required during the pendency of any existing contract, the provisions of subsection A of this section concerning notice and hearing to which a collector would be entitled, shall apply likewise to the City's ability to require a bond in excess of twenty five thousand dollars ($25,000.00). (Ord. 613, 2-6-1989)