Performance security required by Section 4.288 shall be in the form of a faithful performance bond.
Performance security authorized under Section 4.288.1 may be in the form of a faithful performance bond, an honesty bond or similar insurance which is commercially available.
Self insurance may be used as a portion of or in lieu of performance security if:
(a) performance security cannot be secured from an insurer or
(b) the cost of performance security is excessive for the risk involved, as documented in a written analysis by the Director of the Office of Administrative and Research Services and approved by the City Controller.
Premiums for performance security shall be paid by the City from the General City Purpose account.
SECTION HISTORY
Added by: Ord. No. 166,858, Eff. 5-6-91.
Amended by: Ord. No. 173,303, Eff. 6-30-00, Oper. 7-1-00.