(A) (1) Prior to commencement of work, the company must deposit with the city security in the form of certified check, letter of credit or construction bond, in a sufficient amount as determined by the Administrator for the completion of the work.
(2) If more than three work projects are to be constructed during a calendar year, the applicant may, in lieu of individual securities, deposit $2,000 with the city in a form satisfactory to the Administrator.
(B) The securities will be held until the work is completed plus a period of two months thereafter to guarantee that restoration work has been satisfactorily completed. The security will then be returned to the company with interest if held for a sufficient length of time to be required by law and then interest at the applicable statutory rate.
(Prior Code, § 20-56) (Res. 1995-9, passed 10-17-1995)