No permit shall be granted for a street cut or excavation within a City right of way until the applicant has executed and delivered to the City a bond in the amount hereinafter fixed, with good surety, which surety shall be an approved surety or indemnity company licensed to do business in the City. The amount of such bond shall be one thousand dollars ($1,000) for each opening or five thousand dollars ($5,000) for an indefinite number of openings for a twelve month period. Utilities may maintain a standing surety bond in the amount of five thousand dollars ($5,000) for an indefinite period of time. The bond shall be given upon the condition that the principal will indemnify and save harmless the City from any loss, damage or expenses whatsoever, in any manner caused by or arising from the opening of any street, or right of way, or the work done in consequence thereof, or the manner of doing such work, and the bond shall remain in force for a period of twenty-four months after the permanent resurfacing of each opening.
(Ord. 89-2. Passed 1-19-89.)