The collection contractor shall furnish, at least once annually, a performance bond in the amount of 100% of the consideration for performance of one year of the collection, transportation and disposal services, which shall be forfeited to the City for failure to comply with the provisions of this chapter and/or collection agreement. Such bond shall be submitted to the City Administrator and approved by the Director of Law.
(Ord. 15-3. Passed 1-19-15.)