A. Security Requirements. Except as hereinafter provided by this chapter, no permit shall be issued pursuant to the provisions of this chapter which authorizes construction or excavation work within a public right-of-way or public service easement unless and until the permittee has obtained and provided to the city a surety bond or other security guaranteeing performance by permittee of all of permittee’s duties and obligations under such permit including, in particular, the duty and obligation to restore the site of the construction or excavation work to the same condition as it was in prior to commencement of the construction or excavation work, or such modified condition as has been approved by the director.
B. Amount of Security. The surety bond or other security obtained and provided by a permittee at the time of the issuance of a permit pursuant to the provisions of this chapter authorizing construction or excavation work on or within a public right-of- way or public service easement shall be in the amount of at least $10,000.00; except that where the director determines that the work performed pursuant to such permit is extensive and would expose the city to costs substantially in excess of $10,000.00 to remedy any breach by the permittee in the permittee's duties and obligations to restore the public right-of-way or public service easement to the same condition as it was in prior to the commencement of the construction or excavation work or such modified condition as approved by the director, then the surety bond or other security shall be in an amount which the director determines is necessary to fully cover the city's exposure to all such costs.
C. Form of Security. The surety bond obtained and provided by a permittee at the time of the issuance of a permit pursuant to the provisions of this chapter authorizing an encroachment or excavation within a public right-of-way or public service easement shall be conditioned on the permittee’s compliance with all requirements of this chapter, including all orders of the director pertaining thereto, and shall otherwise be in a form approved by the city attorney. In lieu of a surety bond, a permittee may obtain and provide to the city a cash deposit, certificate of deposit naming the city as the payee thereof or such other kind of security acceptable to the city's risk manager, provided such cash deposit, certificate of deposit or the security is accompanied by an agreement stating that the security is being pledged to guarantee performance of the permittee’s duties and obligations under the permit issued to permittee pursuant to this chapter, which pledge agreement shall also be in a form approved by the city attorney.
(Ord. 1928 §2 (part), Ord. 1992 §6, Ord. 2364 §131)