All bonds, insurance policies, letters of credit or other surety devices called for herein shall be in a form satisfactory to the city’s risk manager or other city official as designated by the city manager. The city may require that a grantee provide additional surety devices or replace existing bonds, insurance policies or letters of credit with new surety devices approved by the city. No grantee shall permit any bond, policy or letter of credit to expire and a grantee, not less than 30 days prior to its expiration, shall deliver to the city a substitute, renewal or replacement bond, policy or letter of credit conforming with the provisions of this chapter. (Ord. 5531 § 2, 2004.)