§ 2-254. Contract security.

(a)

Public construction contracts . Except as otherwise provided in this section, all public construction contracts awarded by the City shall require the contractor to obtain a public construction bond conforming with the minimum requirements set forth in F.S. § 255.05 in a form acceptable to the City Attorney.

(b)

Waiver of public construction bond . Unless prohibited by any applicable laws, for public construction contracts less than $100,000.00, the POD may waive the requirement that the contractor shall obtain a public construction bond if the POD determines that such waiver is justified based on the size and complexity of the project, and that such waiver is in the best interest of the City.

(c)

Other contracts . The POD may require a performance and payment bond from a successful bidder or selected offeror as security to the City for faithful performance of a contract and as security for the payment to all persons performing labor or furnishing materials in connection with a contract in a form acceptable to the City Attorney.

(d)

Alternative form of security . In lieu of a public construction bond or performance and payment bond required by this section, a contractor, successful bidder or selected offeror may provide the City with an irrevocable letter of credit or other financial security acceptable to the POD, permitted by applicable laws and in a form acceptable to the City Attorney.

(e)

Authority to require additional security. Nothing in this section shall be construed to limit the authority of the POD to require additional security in addition to the security required by this section.

(Ord. No. 112-H, § 1, 5-15-2014)