The city shall have the exclusive right to collect, remove and dispose of garbage and rubbish, or either of them, in the city, or may, through its duly elected, qualified and acting officers, enter into a contract with some suitable person, firm or corporation, granting the exclusive right to collect, remove and dispose of garbage and rubbish, or either of them, in the city, such contract to provide that such person, firm or corporation granted such exclusive right by contract shall furnish to the city a good and sufficient bond in an amount to be determined by the city, said bond to be conditioned upon the faithful performance of duties under said contract, and said contract shall contain such other and further provisions as may be deemed necessary and proper by the city through its duly elected, qualified and acting officers. (2010 Code § 9-17)