Title 13 - Streets and Sidewalks

13.10.100 Performance and Maintenance Surety Requirements.

The contractor shall submit a performance and maintenance surety for all Public Improvement Projects prior to issuance of a Public Improvement Permit. The surety shall be in the amount equal to the full construction value of the public improvements. The surety shall remain in force for a period of two years after the date of completion and acceptance of the improvements by the City Engineer. Acceptable forms of a surety include: a cash deposit, a performance and maintenance bond on a form acceptable to the City Engineer, or an irrevocable letter of credit from an acceptable financial institution on a form prescribed by the City’s Chief Financial Officer. If surety is given in the form of a cash deposit, all remaining money and any interest accrued thereon the cash deposit shall be returned to the contractor two years after the date of completion and acceptance of the project.

(History: Ord. STR-2849 §10, 2010)

Effective on: 1/1/1901