O-1991-1773 - Laserfiche WebLink

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e . f. Failure to meet the criteria for acceptability of surety company issuing Payment and Performance Bonds will result in disqualification of the bid. g. The Payment and Performance Bonds shall remain in effect at least one year beyond final acceptance of' work under the Contract by the Owner. Section 2. Performance and payment bonds shall not be required on public works contracts for $25,000.00 or less. Performance and payment bonds for public works contracts in excess of $25,000.00, but for less than $100,000.00, may be waived, at the discretion of City Council, upon written recommendation from the City Manager or his designee. Performance and payment bonds shall be required on all publiC works contracts for $100,000.00 or more. Section 3. The City Council officially finds, determines, recites and declares that a sufficient written notice of the date, hour, place and subject of this meeting of the City Council was posted at a place convenient to the public at the City Hall of the City for the time required by law preceding this meeting, as required by the Open'Meetings law, Article 6252-17, Texas Revised Civil Statutes Annotated; and that this meeting has been open to the public as required by law at all times during which this ordinance and the subject matter thereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. Section 3. This Ordinance shall be effective from and after its passage and approval, for contracts awarded and bonds submitted to the City of la Porte for approval, from and after the date of passage hereof.