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The Purchasing Agent shall have the authority to require a letter of credit, a performance bond, a bid bond, a payment bond and/or liability insurance, in cash or otherwise, for such amount as he/she may deem sufficient for the best interest of the Town. Any alternative forms of assurance, such as a surety bond, must be approved by Town Council. [Ordinance #350, 2013; Resolution #1425, 2013; prior code § 3-4-5.]