Before a listing is issued by the Building Commissioner to any person, partnership, or corporation, the Building Commissioner shall require the applicant to file a surety bond for general contractors in the amount of $10,000, for electrical contractors in the amount of $5,000, and for mechanical contractors (HVAC and plumbing) in the amount of $5,000. The bond shall be maintained in full force and effect for one full calendar year, and shall be:
(A) Issued by a surety authorized to do business in the state.
(B) Payable to the city and an unknown third party as obligees.
(C) Conditioned upon:
(1) The proper performance of all construction activity in accordance with building standards and procedures.
(2) Prompt payment of all fees owed the city as set forth in this chapter.
(3) Prompt payment of any loss, damage, expense, claim, demand, or judgment for damages to property of the city caused by any action, negligent or otherwise, of the contractor, his agents, or employees while engaged in any construction activity.
(Ord. 29-1977, passed 10-17-77; Am. Ord. 4-1985, passed 13-18-85; Am. Ord. 2-1986, passed 2-3-86; Am. Ord. 4-1996, passed 4-15-96)