(a) All contractors listed on the City's Rehabilitation Program Approved Contractor's List shall obtain a surety bond in the amount of ten thousand dollars ($10,000) yearly.
(b) Any contractor currently listed on the Rehabilitation Program Approved Contractor's List may continue to participate in the program utilizing his or her current bonding until December 31, 1993, at which time the requirement of a ten thousand dollar ($10,000) surety bond will take effect and remain in effect thereafter. (Res. 93-93. Passed 4-22-93.)