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When required by law or funding regulation for a public works contract, the contractor will be required to deliver to the city a surety bond or bonds for contract performance and payment of laborers and materialmen in the amount of 100 percent of the contract price, which shall comply with all requirements for such bonds enumerated in Chapter 39.08 RCW. [Ord. 9064 § 2, 1982; Ord. 8884 § 7(D), 1980].