The purchasing director shall have the authority to require a performance bond, in such amount as it may find reasonably necessary to protect the interests of the city, and the form and amount of such bond shall be specified in the notice inviting bids, or if none is specified in the notice inviting bids, the usual and customary form of bond for the contract to be awarded. [Ord. 18-09 § 1; Res. 18-24; Code 2004 § 3-217.]