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 improvement, securing the faithful performance of such improvement;
(B) 50% of the total estimated cost of the improvement, securing payment for labor, materials and equipment; and
(C) 25% of the total estimated cost of the improvement, 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.
(Ord. 3378 § 4 (part), 2023.)