In the case of any purchase involving an expenditure of the amount of forty thousand dollars ($40,000) or more which covers a single delivery, the Commissioner of Purchases and Supplies in his discretion may dispense with a bond for the performance of the purchase contract. In such a case the check deposited with the bid shall be retained until final payment by the City is made, and shall be deemed to be in lieu of the contract bond and shall have the same legal effect. In all other cases a bond shall be required if necessary to protect the City on deliveries, and the sureties on such bonds shall be approved by the Director of Finance. The amount of the bond shall be fixed by the Commissioner of Purchases and Supplies, but it shall not exceed the bid price.
(1952 Code § 3-9-18; Ord. 178-94. Passed 4-18-94; Ord. 852-03. Passed 11-25-03; Ord. 832-03. Passed 12-23-03.)