The bond provided for in Section 828.06 shall be in full force and effect during the entire drilling operation and until such time as the well is capped and for at least thirty days thereafter. At such time, or at any time thereafter, to which date the bond shall continue in full force and effect, the applicant may present a certificate of insurance to the Building and Zoning Inspector and make written request that the bond provided be released and that in lieu thereof the certificate of insurance be filed with the Inspector. The insurance policy, as represented by the certificate of insurance, shall cover the applicant's liability for property damage in an amount not less than one hundred thousand dollars ($100,000), which insurance policy or policies shall be maintained for such period of time as the well is in operation or is producing oil or gas. When the written request for release of the applicant's bond is made, the Inspector shall make or cause to be made an examination of the premises for which the bond is provided. If such examination discloses that the applicant has complied with the terms of the bond, the Inspector shall notify the Director of Law, who shall execute a release of the principal and surety. There after the bond shall not be in effect, and the principal and surety thereon shall be released from all future liability on such bond.
(Ord. 72-64. Passed 11-9-64.)