§ 17.502.080 — Bonds generally-Form

17.502.080 Bonds generally-Form.

The bond required by section 17.852.120 may be either a cash bond or a bond executed by a company authorized to act as a surety in this state. The bond shall be payable to the city and be conditioned upon the faithful performance of any and all work required to be done, and that should such work not be done or completed within the time specified, the city may, at its option, cause the same to be done or completed, and the parties executing the bond shall be firmly bound under a continuing obligation for the payment of all necessary costs and expenses incurred in the construction thereof. The bond shall be executed by the owner of the lot as principal, and if a surety bond shall also be executed by a corporation authorized to act as a surety under the laws of the state. (Ord. 2017-0009 § 11)