Prior to the issuance of any permit hereunder, the applicant shall furnish the chief building inspector with a bond in the principal sum of $50,000.00 per drill site. Such bond shall be executed by an insurance company authorized to do business in the state, as surety, and with applicant as principal, naming the city for the benefit of the city conditioned that the permittee will comply with the terms and conditions of this division. In addition, the bond will be conditioned that the applicant will promptly pay fines, penalties and other assessments imposed upon applicant by reason of the breach of any of the terms, provisions and conditions of this division, and that the applicant will promptly restore to their former condition streets, sidewalks and other public property which may be damaged in drilling operations; and that the applicant will comply with all fencing, screening and site restoration requirements of this division. If at any time the chief building inspector should find the applicant's bond to be insufficient for any reason, he may require the applicant to file a new bond.
(Prior Code, § 5-156; Ord. of 3-11-1980)