The chief building inspector may waive the requirements for surety bond and policies of insurance as required herein as to any permittee who is financially responsible and capable of meeting obligations for amounts in excess of $7,500,000.00 upon permittee filing with the chief building inspector in lieu of any such surety bond or insurance policies a letter of acceptance and indemnity approved by the city attorney, bonding and obligating such permittee to abide by the conditions for which surety bond and insurance policies are required, as prescribed herein, and agreeing to indemnify and hold the city harmless from any way and all liability growing out of or attributable to the granting of any and all permits to such permittee including acts or omissions of the city, its officers, agents, and employees in connection with said drilling permit.
(Prior Code, § 5-159; Ord. of 3-11-1980)