In the event any firm, person, or corporation, generally engaged in this type of work within the city, prefers to make the required repairs to streets and the like with its own labor forces, that person, firm, or corporation may, in lieu of making a deposit for street repairs as hereinbefore required, with the approval of the Board of Public Works and Safety, post and keep a performance bond in the office of the City Clerk- Treasurer, which performance bond shall be in an amount, as fixed by the Board of Public Works and Safety, equal to the estimated cost of repairs to be made by that person, firm, or corporation for one calendar year beginning at the time of the application. In addition thereto, this performance bond shall cover a two-year period and guarantee, first, that the repairs will be made and perform satisfactorily for a period of one year, and second, that the bond shall remain in effect for an additional period of at least one year after date of last repairs.
(1987 Code, § 7-30) (Ord. 1581, passed 12-22-1969)