Title 07 Finance
Chapter 07.02 Bonds in Favor of City
Section 07.02.110 Approval – Form
- Bonds.
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- Public official’s bonds are approved by the city council.
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- Bid bonds are approved by the committee to receive bids.
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- Contractor’s bonds are approved by the director of engineering services or contracts and purchasing director.
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- Bonds required in connection with a permit or license are approved by the officer who issues the permit or license.
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- Subject to approval by the appropriate authority, bonds may be furnished individually or on a blanket basis and may be in cash or by surety bond issued by a surety company authorized to do business in Washington.
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- In accordance with rules adopted by the chief financial officer, a license officer or other responsible official may accept, in lieu of a bond, the assignment to the City of an insurance policy on the life or lives of the obligor(s).
- All bonds running to the City are approved as to form by the city attorney.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34024 Section 1