§ 12-72. Term of bond or letter of credit.

Latest version.

The term of the bond or letter of credit shall be continuing and shall not terminate until 30 days after the date upon which the city receives written notice of the termination, the notice to be served by registered mail. The bond or letter of credit shall provide that the city is the sole obligee and that no other party is intended to be benefited by the provisions of the bond or letter.

(Code 1970; Code 1992, § 165.04; Ord. No. 142, 12-2-1981; Ord. No. 142-A1, 4-25-1984; Ord. No. 2000-7, 7-5-2000)

                    
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