A. When directed by the mayor, city council or city attorney, or any of their designees, or when required by state statute or city ordinance, evidence of insurance coverage, and permit, performance, payment or other bonds, or letters of credit or other securities, shall be provided to the recorder in a form and in amounts approved by the city attorney. Such documents, when required, are conditions precedent to the city executing a contract. Such bonds, insurance, or other securities shall:
1. Name the city as an additional insured if an insurance policy, or otherwise appropriately designate the city as the beneficiary of the security;
2. Provide that no cancellation thereof may be made without first giving the city at least thirty (30) days' prior written notice;
3. Be in sums sufficient to protect the city and its interests; and
4. All insurers and corporate guarantors or sureties shall be licensed to do business in the state of Utah and shall be sound and reputable firms, as determined acceptable to the city attorney.
B. The city attorney shall have authority to waive any requirement with respect to insurance, bonds or other securities contained in this chapter and to promulgate rules or adoption by the mayor regarding acceptable requirements for insurance, bonds or other securities. (Ord. 63-97 § 2, 1997)