(a) Each facilities operator must procure, maintain and provide to the City a bond, escrow, deposit, letter of credit, or other financial surety. The financial surety must be in an amount sufficient to cover the cost of removal of all facilities owned or operated by the facilities operator.
(b) The City may, in its sole discretion, draw on the financial surety to remove abandoned facilities, remove abandoned, unused, or unsafe facilities or to repair damaged facilities, or to repair damage to any City property caused by the facilities operator or its agent. In such event, the facilities operator shall cause the financial surety be replenished to its prior amount within ten (10) business days after City notifies the facilities operator that it has drawn on the financial surety.
(Ord. 20-30. Passed 10-26-20.)