(A) The city requires performance bonds in an amount of not less than 125% of the Engineer’s estimate of the cost of said work to assure the work, if not completed consistent with approved plans and specifications can be completed.
(B) In lieu of a bond, the applicant may provide an irrevocable standby letter of credit or other evidence of financial security in a form and manner approved by the City Attorney and City Manager.
(Prior Code, § 3.30.107) (Ord. 410, passed 11-5-2012)