The City Engineer, in his or her discretion, may require that the applicant, before any permit is issued, file with the Department good and sufficient security, approved by the City Attorney and payable to the city, in the following amount:
(A) 100% of the total estimated cost of the excavation work, guaranteeing repavement and resurfacing of the excavation area;
(B) 50% of the total estimated cost of the excavation work, securing payment for labor, materials, and equipment; and
(C) 25% of the total estimated cost of the excavation work, guaranteeing the work for one year after acceptance against defective workmanship or materials.
The applicant may post security in the form of a surety bond, an irrevocable letter of credit from an accredited financial institution, or other method acceptable to the city.
(`78 Code, § 12.08.060.) (Ord. 3378 § 3 (part), 2023.)