Bond, with sufficient sureties, in an amount as shall be deemed adequate, not only to insure performance of the contract in the time and manner prescribed in the contract, but also to save, indemnify, and keep harmless the city against all loss, damages, claims, liabilities, judgments, costs, and expenses which may in any wise accrue against the city in consequence of the granting of the contract, or which may in any wise result therefrom, may be required of each bidder upon contracts involving amounts in excess of $20,000, when the public interest will be served thereby.
(1983 Code, § 2-233) (Ord. 2395, passed 4-5-1984; Am. Ord. 3139, passed 3-7-2006)