The purchasing authority may require as a condition to executing a contract on behalf of the city, a performance bond or a labor and material bond, or both, in such amounts as the purchasing authority shall determine appropriate to protect the best interests of the city. The form and amounts of such bond(s) shall be described in the notice inviting bids. (Ord. 1435 § 1 (part), 2003: Ord. 954 § 2 (part), 1983: prior code § 2952.7)