(A) Whenever such application is approved, the applicant shall be required to give a bond to the city, with surety to be approved by the city, which said bond shall guarantee that the place where said work is to be done shall be restored to a condition (including any underground pipes, drains, conduits, or wires) and in the manner provided by the provisions of this subchapter.
(B) Such bond shall be in the sum of:
(1) Two thousand dollars for each separate cut dig, trench, excavation, tunnel or bore, which crosses any road, street, alley, sidewalk, curb, roadside ditch, right-of-way or other public place at an angle of not less than 80 degrees nor more than 100 degrees, or for each excavation within the pavement not to exceed 40 square feet in area;
(2) Five thousand dollars per block or parts thereof, for each separate cut, dig, trench, excavation, tunnel or bore which parallels or crosses any road, street, alley, sidewalk, curb, roadside ditch, right-of-way, or other public place at less than 80 degrees nor more than 100 degrees or for each excavation within the pavement which exceeds 40 square feet in area; or
(3) Five hundred dollars for each pole installed in city right-of-way. For the purpose of this section, a BLOCK shall be a 500-foot long section of street or a section of street between two intersections whichever is shorter.
(C) Such bond shall provide for the surety to guarantee that the principal of said bond shall faithfully perform all the duties imposed upon said principal for each and every cut, dig, trench, excavation, grade, tunnel, or bore, or for each and every pole installed in any city right-of-way according to the requirements of this subchapter. Such bond shall remain in full force for a period of three years from the date of the completion of the permittee’s work to assure that no hidden damage to drains or other underground structures occurs. No permit shall be issued until such bond has been filed with and approved by the city. Anything contained herein to the contrary notwithstanding, however, a cashier’s check or certified check payable to the city, in the same sum as designated herein for such bond, or a letter of credit issued by a financial institution approved by the Board of Public Works and Safety in said same sum as designated herein for such bond, may be filed with such application in lieu of such surety bond. Public utilities whose rates are regulated by the Indiana Utility Regulatory Commission, and municipal utilities, may submit an indemnifying agreement acceptable to the Board of Public Works and Safety providing that the utility shall comply with all the terms and conditions of this subchapter, in lieu of such bond, cashier’s check, certified check, or letter of credit.
(Ord. 2012-01, passed 3-12-2012)