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(a) Any contractor, being any person, corporation or other entity, proposing to do work involving any Municipal utility or proposing to do work within any public right of way or easement shall furnish and file with the Authority having jurisdiction a bond, to be approved as to form by the Municipal Law Director, in the sum of five-thousand ($5000.00) dollars guaranteeing full and faithful compliance with all provisions of the ordinances, specifications and other requirements of the Municipality. Said contractor shall further furnish evidence of liability insurance for bodily injury in the minimum amount of one-hundred-thousand dollars/three-hundred-thousand dollars ($100,000/ $300,000), and for property damage in the amount of fifty-thousand ($50,000) dollars.
(Ord. 1378. Passed 05-14-92.)
(b) Any developer proposing work within the scope of these regulations shall be required to post performance guarantees, in accordance with the provisions therefor set forth in Section 1151.91 (Performance Guarantees) of the Land Planning And Development Regulations, and the following conditions.
(1) The Approving Authority for the subject project shall, without exception, require performance guarantees for an improvement when any variance is granted to any regulation herein governing said improvement (i.e. any variance granted to the water regulations shall require a performance guarantee for all water improvements in the project; variance granted to requirements of this chapter shall require performance guarantee for all public utility improvements regulated herein).
(2) When the Approving Authority for the subject project deems such guarantees, for the improvements regulated-herein, to be necessary and appropriate to the circumstances of the project so as to insure that public funds of the Municipality shall not be expended in the event of failure (on the part of any property owner, developer or contractor) to complete the required improvements, then the guarantee shall be required.
(Ord. 1327. Passed 5-9-91.)