The licensed hauler shall furnish to the city a performance bond for the faithful performance of this agreement. It shall be a cash bond or other surety executed by a surety company licensed to do business in the state and deposited with the city. Said bond shall indemnify the city against any loss resulting from or any failure of performance by the licensed hauler. The bond shall be established by the terms of the franchise agreement and shall not be less than the sum of $4,000.
(Prior Code, § 5.02.15)