A. Prior to issuance of any class B excavation permit, a security bond in the amount required to restore any excavation to its original condition as determined by the transportation/engineering official, shall be posted with the city. The security bond may be a cash deposit, security equivalent to cash as approved by the city attorney and risk manager, or a bond provided in accordance with title 3, chapter 4 of this code.
B. Prior to issuance of a class B permit, public liability insurance shall be provided in an amount not less than one million dollars ($1,000,000.00) insuring against personal injury and property damages arising within the course and scope of the activity authorized by the permit, with the city named as an additional insured. The insurance shall comply with the provisions of title 3, chapter 4 of this code.
C. In the event the permittee does not complete the project authorized by a class B permit in a timely manner as required by the permit, the transportation/engineering official may give ten (10) days' notice to the permittee to complete the work within a time period designated by the transportation/engineering official, and if the permittee does commence completion of such work within ten (10) days, or fails to diligently pursue the completion work thereafter, the transportation/engineering official may perform, or cause to be performed such work as necessary to restore the site, and assess the costs thereof against the bond security.
D. Upon completion of the project in accordance with permit requirements, the city shall return the security bond required by the provisions of this chapter. (1988 Code)