1361.03 CONTRACTOR'S PERMIT OR LICENSE BOND.

   At the time that a General Contractor applies for a contractor’s permit or license, he shall post a bond with sufficient surety, by an insurance company authorized to issue bonds in the State binding the building contractor in the penal sum of twenty-five thousand dollars ($25,000). At the time a sub-contractor applies for a contractor’s permit or license, he shall post a bond with sufficient surety, by an insurance company authorized to issue bonds in the State binding the building sub-contractor in the penal sum of ten thousand dollars ($10,000). The principal and surety shall bind themselves jointly and severally unto the City and any property owner within the City upon whose premises such building contractors have contracted to work. (Ord. 95-2000. Passed 12-28-2000.)