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i~/~ 1992 57 <br /> <br />AN ORDINANCE TO AMEND CHAPTER 12 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, 1988, BY AMENDING SECTION 12-184(e) <br />THEREOF, PERTAINING TO PERFORMANCE AND PAYMENT BONDS. <br /> <br /> BE IT ORDAINED by the Council of ~he City of Portsmouth, <br />Virginia-. <br /> <br /> 1. That Section 12-184(e) of the Code of the City of <br />Portsmouth, Virginia, be amended to read as follows: <br /> <br />Section 12-184. Performance and payment bonds generally. <br /> <br /> (e) In lieu of a performance or payment bond required by <br />this section, the contractor may furnish a certified check or <br />cash escrow or a personal bond, property bond, or bank or <br />savings and loan association's letter of credit in the face <br />amount required for the payment bond or performance bond, <br />subject to the approval of the City Attorney. Approval shall <br />be granted only upon a determination that the alternative form <br />of security proffered affords protection to the City <br />equivalent to a corporate sure5y's bond. <br /> <br /> 2. That this ordinance shall take effect on July 1, <br />1992. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held June 23, 1992. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />