Before a license is issued by the city to any person, partnership, or corporation, the Building Commissioner shall require the applicant to file a bond in the amount of $5,000. The bond shall be maintained in full force and effect for one full calendar year (or the balance of the licensure period if it is shorter) 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 electrical work and any related construction activity in accordance with building standards and procedures.
(2) Prompt payment of all fees owed to 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 or his agents or employees while engaged in the electrical work or any related construction activity.
(Ord. 29-1977, passed 10-17-77; Am. Ord. 4-1996, passed 4-15-96)