Payment and performance bond or irrevocable letter of credit

(a)

An operator shall submit to the risk management department a payment and performance bond, in a format as prescribed in F.S. § 255.05, and in a form acceptable to the city manager, or his or her designee, prior to the issuance of a license under this article.

(b)

Alternatively, an operator may post an irrevocable letter of credit issued by a bank authorized to transact business in Florida.

(c)

The payment and performance bond or irrevocable letter of credit shall be in the sum of $50,000.00, and must list the operator as principal and be payable to the city.

(d)

The payment and performance bond or irrevocable letter of credit must remain in effect for the duration of the license.

(e)

Cancellation of the payment and performance bond or irrevocable letter of credit does not release the operator from the obligation to meet all requirements of this article and license. If the payment and performance bond or irrevocable letter of credit is cancelled, the license shall be suspended on the date of cancelation and the operator shall immediately cease operations until the operator provides the city manager, or his or her designee, with a payment and performance bond or irrevocable letter of credit that meets the requirements of this section.

(Ord. No. 13795, § 2, 10-11-18; Ord. No. 13862, § 2, 9-26-19)