Sec. 05.06.02.09. Assurance of Completion

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Completion of construction of the project shall be assured by provision of either:

A. Performance and payment bonds, each in an amount equal to 100 percent of the construction contract amount;

B. Two irrevocable letters of credit equal to 25 percent, or cash or a pledge of depository accounts equal to 50 percent, of the construction contract amount; or

C. Other assurances of equivalent value.

                    
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