Every person or company engaging or continuing within the City in the business of contracting shall, in addition to all other provisions of this article, pay or guarantee the payment of the amount of the tax imposed in Section 745.09 for the privilege of engaging in the business of contracting within the City based on the amount of the building permit issued by the Building Inspector for the work to be performed by the person or company.
The tax payment to be made by the person or company shall be made to the City Treasurer at the time the permit is issued by the Building Inspector. Such person or company may, in lieu of payment in cash of such privilege tax obligation, guarantee the payment of the privilege tax herein provided for by delivering to the City a bond, with good and sufficient surety, providing for the payment of such tax on or before the estimated date of the completion of the work to be performed by such person or company engaged in the business of contracting.
(Passed 5-3-05.)