169.09 DEPOSIT OF SURETY BONDS.

    No contract for the doing of any public work or the making of any public improvement, involving an expenditure of seventy five thousand dollars ($75,000) through calendar year 2024 with an increase of 3% for each calendar year thereafter, as determined and published by the Ohio Director of Commerce or more shall be binding upon the City, nor shall its performance be entered upon until the contractor shall have made and deposited with the Director of Finance, a good and sufficient surety bond, in an amount equal at least to the amount to be paid by the City, and conditioned that the contractor will furnish all necessary labor, equipment and materials, and will complete such work or improvement as specified within the time stipulated in such contract, and that payment will be made by the contractor and by all subcontractors of all indebtedness which may accrue to any person on account of any labor performed or materials furnished in the doing of such work or the making of such improvement. No such bond shall be accepted until it is approved as to form by the Director of Law, in an endorsement over his signature. A performance bond for a contract involving an expenditure of less than seventy five thousand dollars ($75,000) through calendar year 2024 with an increase of three percent (3%) for each calendar year thereafter, as determined and published by the Ohio Director of Commerce maybe waived at the request of the director of the department concerned or the Purchasing Agent.

(Ord. 2024-3-15. Passed 3-13-24.)