§ 1-16. Posting of bonds, type of security required.

(a)

Every person required by ordinance or by this Code to post bond with the city clerk shall post such bond either in cash or by filing with the city clerk a bond executed by a surety company authorized to do business in the state.

(b)

A certificate of deposit issued by a state or national bank located in Bexar County may be accepted in lieu of cash deposit or surety bond to guarantee performance by lessees and contractors under city leases and contracts, provided that such certificates shall not be accepted, where a different type of guarantee is required by statute, the city charter or by federal or state regulations. The certificate of deposit agreement between the city and the lessee or contractor, and accepted by the depository, shall be in form approved by the city attorney, substantially as shown in the form marked Exhibit A which is on file with the city clerk as a permanent record.

(Ord. No. 24227, § 1, 1-10-57; Code 1959, § 1-16; Ord. No. 37874, 9-11-69)