The bond required under this chapter shall be accepted under such conditions and time limitations as Council shall determine to be reasonable in each individual case, and shall be in an amount that will guarantee performance of the work covered by the performance agreement, which bond shall be in an amount equal to 100 percent of the estimated cost of such work. The estimated cost is that cost as estimated by the Director of Public Service, or his/her designee.
(Ord. 55-46. Passed 11-21-55; Ord. 16-06. Passed 5-2-16.)