Every person or company engaging or continuing within the City in the business of contracting, shall in addition to all other provisions of this article, pay or guarantee the payment of the amount of the privilege tax imposed in this article and Article 729 for the privilege of engaging in the business of contracting within the City based on the amount of the building permit issued by the Building Inspector for the work to be performed by the person or company.
The privilege tax payment to be made by the person or company shall be made to the Collector and Treasurer at the time the permit is issued by the Building Inspector. Such person or company may, in lieu of payment in cash of such privilege tax obligation, guarantee the payment of the privilege tax here provided for by delivering to the City a bond, with good and sufficient surety, providing for the payment of such privilege tax on or before the estimated date of the completion of the work to be performed by such person or company engaged in the business of contracting. (7-28-81)