1-12E-1: GUARANTEE IN LIEU OF SURETY BONDS:

Whenever any chapter, section or provision of this Code, and as hereafter amended, or any rule, regulations or ordinance printed and contained in a book in Code form now ratified, adopted and in force, and as hereafter amended, requires a surety bond as a condition: a) of acceptance of a plat; b) for the approval of a grant for a permit or license; or c) for the permission to do any thing, act or work, the Council may, in lieu of a surety bond, require another type of guarantee sufficient to secure the actual and faithful observance and performance of: a) all conditions and requirements therein imposed by said plat, permit, license or contract, or thing, act or work approved; b) all ordinances of the City; and c) the duties required by ordinances, rules or regulations now in force or as hereinafter enacted, ratified or adopted and otherwise do, perform and observe all provisions and conditions of any approval, permit, license or contract. (1952 Code § 1-19-01)