(1) Financial guarantees shall be in a form approved by the Director, Finance Director, and City Attorney. All financial institutions identified on a guarantee shall be approved by the Finance Director.

(2) The amounts of the financial guarantees shall be based on the schedules appropriate to the required work, which are updated on a periodic and frequent basis to ensure that the amount fully captures likely costs. Financial guarantees shall also require a contingency in an amount to be determined by the Director. (Ord. 14-09 § 4; Ord. 43-02 § 2 (27.50.060))