A performance bond, in cash or otherwise, for such amount may be deemed sufficient to secure the execution of the contract in the best interest of the city. [Code 2006 § 3-4-5. Ord. 98-10, 5-12-1998; Res. 98-27; Ord. 2005-11, 9-27-2005; Ord. 2007-19, 12-11-2007].