171.05 DEPOSIT OF SURETY BONDS.

   No contract for the purchase of any articles, supplies, commodities, materials and equipment involving an expenditure of 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 or more shall be binding upon the City, nor shall its performance be entered upon, until the contractor has made and deposited with the Director of Finance a good and sufficient surety bond, in an amount equal at least to the purchase price to be paid by the City, and conditioned that the contractor will furnish such articles, supplies, commodities, materials and equipment as specified within the time stipulated in such contract. No such bond shall be accepted until it is approved as to form by the Director of Law, in an endorsement over his signature. However, a performance bond for a contract for the purchase of any articles, supplies, commodities, materials and equipment involving the expenditure of any sum may be waived at the request of the director of the department concerned or the Purchasing Agent.

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