(A) Before approval of any application for a license by the Building Commissioner, every applicant shall furnish and file with the Commissioner a bond in the amount of $25,000, which bond shall be furnished by a reputable bonding company, acceptable to the city, and approved as to form by the Director of Law. Such bond shall guarantee full and faithful compliance by the applicant with all provisions of this Building Code, ordinances of the city and/or rules and regulations, and shall bind the surety thereon to correct or abate any violation of this Building Code, ordinances of the city or such rules and regulations, whenever the applicant for a license named as the principal on such bond refuses, neglects or fails to correct or abate such violation within a reasonable time limit set by the Commissioner. Such bond shall provide, and it shall be so stated therein, that it shall inure to the benefit of any person making a complaint of such violation, as well as to the city.
(B) If any bonds taken under this section are executed by a bonding company, the Building Commissioner may not approve such bonds unless there is attached a certificate of the superintendent of insurance that the company is authorized to transact business in this state, and a copy of the power of attorney of the agent of the company.
(C) Further, by accepting a license from the city, any approved applicant for the license shall be deemed to have consented to indemnify and save harmless the property owner and the lessee, tenant or other person contracting for work and materials, guaranteeing that all workmanship and materials are in conformity with this Building Code, ordinances of the city or such rules and regulations, to protect the city and the said property owner, lessee, tenant or other person contracting for the aforesaid services, from all loss and damage that may be occasioned in any way by accident, negligence or want of care, skill or attention by the principal or the agents of the principal in performing such work.
(D) This change in the amount of the bond shall become effective for all licenses after this change is adopted by Council and becomes law. Bonds in effect at the time of adoption of this change shall not be required to be increased until January 1 of the year following.
(Ord. 70-98, passed 4-20-1998; Ord. 141-07, passed 12-3-2007)