(A) (1) The permittee shall establish a security fund in a form and in an amount as set forth in § 152.067 of this chapter.
(2) The Security Fund shall be continuously maintained in accordance with this subchapter at the permittee’s sole cost and expense until the completion of the work authorized under the permit.
(B) The Security Fund shall serve a security for:
(1) The faithful performance by the permittee of all the requirements of this chapter;
(2) Any expenditure, damage or loss incurred by the city occasioned by the permittee’s failure to comply with any codes, rules, regulations, orders, permits and other directives of the city issued pursuant to this chapter; and
(3) The payment by permittee of all liens and all damages, claims, costs or expenses that the city may pay or incur by reason of any action or non-performance by permittee in violation of this chapter including, without limitation, any damage to public property or restoration work the permittee is required by this chapter to perform that the city must perform itself or have completed as a consequence solely of the permittee’s failure to perform or complete, and all other payments due the city from the permittee pursuant to this chapter or any other applicable law.
(Prior Code, § 33-10-10)