Section:
12.08.010 Generally.
12.08.020 Optional exemption.
12.08.030 Optional exemption--Specific conditions.
12.08.040 Additional cash deposits.
12.08.010 Generally. Except as provided in this chapter, all contractors on public works projects for the City shall comply with the provisions of Alaska Statutes 36.25.010 in their entirety. (Ord. 79-5 1, 1979).
12.08.020 Optional exemption. Pursuant to Sections 29.25.010 and 36.25.025 of the Alaska Statutes, the City Council may, at its option, exempt contractors on public works projects from the bonding requirements of A.S. 36.25.010 if the estimated cost of the project does not exceed one hundred dollars, provided the contractor meets the specific conditions set forth in the following section. (Ord. 88-14 13(part), 1988; Ord. 79-5 2, 1979).
12.08.030 Optional exemption--Specific conditions. Any contractor exempted by the City from the bonding requirements of A.S. 36.25.010 shall offer evidence satisfactory to the City Manager or his designee that:
a.The contractor is, and for two years immediately preceding the award of the contract has been a licensed contractor having his or its principal office in the state;
b.The contractor certifies that he has not defaulted on a contract awarded to him during the period of three years preceding the award of a contract for which a bid is submitted;
c.The contractor has submitted a financial statement, prepared within a period of nine months preceding the submission of a bid for the contract and certified by a public accountant or a certified public accountant licensed under A.S. 08.04, demonstrating that the contractor has a net worth of not less than seventy percent of the amount of the contract for which a bid is submitted; and
d.The total amount of all contracts which the contractor anticipates performing during the term of performance of the contact for which a bid is submitted does not exceed the net worth of the contractor reported in the certified financial statement prepared and submitted under subsection (c) of this section by more than seven times;
At the time the contract is approved, the amount of the contractor's working capital to the amount of the bid, is not less than twenty-five percent. (Ord. 79-5 3, 1979).
12.08.040 Additional cash deposits. The City Council may require deposits of cash in such amounts and under such terms and conditions as the Manager may deem appropriate to protect the interests of the City, in addition to the requirements set forth in Section 12.08.030. (Ord. 79-5 4, 1979).