Within the city no contract entered into by or for the City of Stow in excess of one thousand dollars ($1,000.00) shall be awarded except on the formal and written approval of the Board of Control, and the Board shall direct the Mayor, Director of Finance or Director of Public Service to enter into the contract. The Board shall have the power to approve, release and modify public improvement guarantees as authorized by the Subdivision Regulations. Similarly, the Board shall have the power to approve, release and modify improvement guarantees for public works projects as an alternative, may accept a commercial performance bond covering the full cost of the improvement, and upon performance being accepted by the Board of Control, shall thereafter require the posting of a maintenance bond for an additional two-year period, which shall serve to cover any deterioration or defects in the labor, material or workmanship during the maintenance period. All such bonds shall be approved in form by the Law Director and in amount by the City Engineer.
(Ord. 2002-152. Passed 10-24-02.)