§ 124.03 Bond

Bond, with good and sufficient sureties, in an amount deemed adequate, not only to insure performance of the contract in the time and manner prescribed in the contract, but also to save, indemnify, and keep harmless the City against all loss, damages, claims, liabilities, judgments, costs, and expenses which may in any way accrue against the City, or which may in any way result from the performance of the contract, may be required of each person upon contracts involving amounts in excess of $200.00 when performance of the contract may damage public property within the City or have a direct effect upon the public within the City, and in the opinion of the designated representative of the Council, the public interest will be served thereby.