The purchasing agent shall have the authority to require a performance bond, in cash or otherwise, for such amount as he or she deems sufficient to secure the execution of the contract for the best interest of the City. (Ord. 219 § 2, passed 1-12-2005; Res. 581 § 1, passed 1-12-2005. Code 1982 § 3-4-05. Code 2012 § 36.05.)