(a) Any person, company or corporation entering into a contract with the city for construction
services related to municipal public works, public property or publicly owned buildings
as defined in section 2-455 shall be required, before commencing the work, to execute, deliver to the city, and
record in the public records of the county, a payment and performance bond with a
surety insurer authorized to do business in this state as surety; said bond shall
comply with the requirements of F.S. § 255.05, and shall be on a standard form provided
by the city. At the discretion of the city, any person entering into such a contract
which is for two hundred thousand dollars ($200,000.00) or less may be exempted from
executing the payment and performance bond.
(b) In lieu of the bond required by this section, a contractor may file with the city
an alternative form of security in the form of cash, a money order, a certified check,
a cashier's check, or an irrevocable letter of credit.
(c) In lieu of a bid bond required by the competitive sealed bidding process, a contractor
may file with the city an alternative form of security in the form of cash, a money
order, a certified check, a cashier's check, or an irrevocable letter of credit.
