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The public way work license required by this article shall be issued only after the prospective licensee shows proof to the commissioner of transportation of having established an irrevocable letter of credit for the benefit of the City of Chicago, in an amount and for a duration to be established in regulations promulgated by the commissioner of transportation, such letter of credit to be maintained in conjunction with the license and any renewals. A licensee shall bear the costs of establishing, maintaining and renewing such letter of credit, and shall bear any costs associated with a draw upon the letter of credit.
(Added Coun. J. 1-14-97, p. 37762, § 6; Amend Coun. J. 12-7-05, p. 64870, § 1.9; Amend Coun. J. 11-19-08, p. 47220, Art. IX, § 1)