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The private hauler shall furnish, annually, a performance bond, and/or an irrevocable letter of credit from a chartered bank, in the amount of two hundred fifty thousand dollars ($250,000) which shall be forfeited to the City for failure to comply with the provisions of this chapter and garbage and refuse contract agreement. Such bond shall be approved by the City Law Director and deposited with the Director of Public Service.
(Ord. C43-97. Passed 7-7-97.)