§ 94.003 BOND.
   Where the cost of the work to be performed exceeds $10,000, the applicant shall file with the city a performance bond or corporate surety or a letter of credit in the amount of 150% of the project cost. The bond or letter of credit shall guarantee performance by the applicant and shall reimburse the city for any loss or damage to the city resulting from the work undertaken or the manner of doing same.