READ AND PASSED

This bill changes the rules for bonds related to city contracts, affecting companies that do business with the city. It updates requirements for performance and payment bonds, and adds disclosure and monitoring of bond costs. This change aims to impact how city contracts are managed and paid for.

Amending Section 17-103 of The Philadelphia Code, entitled "Bonds Relating to Procurement Contracts" to amend requirements related to performance and payment bonds on certain contracts and providing for disclosure and monitoring of the bond acquisition cost, all under certain terms and conditions.