1980-15 Enacting Section 3.16.085 of the KIB Code Requiring Furnishing of Bonds on Certain Borough Construction Contractsi
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AN ORDINANCE OF THE KODIAK ISLAND BOROUGH ENACTING SECTION
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3.16.085 OF THE KODIAK ISLAND BOROUGH CODE REQUIRING FURNISHING
OF BONDS ON CERTAIN BOROUGH CONSTRUCTION CONTRACTS.
The Kodiak Island Borough Assembly oraair,s:
Section 1. Section 3.16.085 is added to the KoaiaK Island
Borough Code as follows:
3.16.085 Performance and Parent Bond Requirea
The awarding of a construction contract in an amount
exceeding three thousanddoliars ($3,0L.,.00) shall oe
conditioned upon the co6V actor furnis a performance ana
payment bond, in an amount not less than one -half (1/2) the
contract price, issue0.:by a corporate surety autnorized to uo
business in the State of Alaska. The bona snail be in a Corm
approved by the Barlfugh attorney.
Section 2. This ardinance shall become effective upon
passage and approval.
PASSED AND APPROVED this aay of , 1980.
ATTEST:
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Borough Clerk
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KODIAK ISLAND BOROUGH
ORDINANCE NO. 80- 15 - 0
Mayor
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