Persons performing private contract work under a permit issued in accordance with this title shall furnish a bond or cash deposit in accordance with the provisions set forth in CVMC 12.20.030 through 12.20.080. Said performance bond shall be issued by a surety company authorized to do business in the state, and shall be approved as to form by the City Attorney. The bond shall be in favor of the City and shall be conditioned upon the completion, free of liens, of the work authorized by the permit in accordance with the requirements of this title and the conditions prescribed by the permit. (Ord. 1205 § 2, 1969; prior code § 27.402).