There shall be one hundred percent of the total estimated cost of the improvement or of the act to be performed, conditioned upon the faithful performance of the act or agreement, and, in addition, fifty percent of the total estimated cost of the improvement or the performance of the required act, securing payment to the contractor, his or her subcontractors and to persons furnishing labor, materials or equipment to them for the improvement or the performance of the required act plus an additional ten percent for the guarantee and warranty of the work for a period of one year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished. If the improvement security is other than a bond or bonds furnished by duly authorized corporate surety, an additional amount shall be included as determined by the city council as necessary to cover the cost and reasonable expenses and fees, including reasonable attorneys' fees, which may be incurred by the city in successfully enforcing the obligation secured.
(Ord. 109 § 19(B), 1975; Ord. 162 § 2, 1977)