A substitution bond may be filed in lieu of any bond on file hereunder, and the department of finance may accept and file the same if it is qualified and in proper form and substance and approved by the finance director and the city attorney and the bond for which it is substituted shall be exonerated but only if the oil services coordinator finds that all of the conditions of last-mentioned bond have been satisfied and that no default exists as to the performance upon which the bond is conditioned.
(Ord. 90-08-1074 § 4 (part))