§ 17.40.110. Security for agreement—Amount.

The improvement security shall be provided in the amount of:

(1)

One hundred percent of the total estimated cost of the improvement or act to be performed, conditioned upon the faithful performance of the act or agreement;

(2)

One hundred percent of the total estimated cost of the improvement or act to be performed, securing payment to the contractor, the subcontractor and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act;

(3)

The amount determined by the council to be necessary to guarantee or warrant the work for a period of one year following completion or acceptance thereof against any defective work or labor done, or defective materials furnished;

(4)

If the improvement security is other than a bond or bonds furnished by a duly authorized corporate surety, an additional amount shall be included as determined by the council as necessary to cover the cost and reasonable expenses and fees, including reasonable attorneys' fees, which may be incurred by the city in enforcing the obligation secured. The improvement security shall also secure the faithful performance of any changes or alterations in the work to the extent that such changes or alterations do not exceed ten percent of the original estimated cost of the improvement.

(Ord. 324B §§9-11-9-11.4, 1977)