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Any bond issued in compliance with these regulations shall be terminated and canceled, and the surety shall be relieved of all obligations thereunder when the well has been properly abandoned in conformity with all provisions of this title and all regulations of the State Division of Oil and Gas and the Agency has received notice of such abandonment or upon receipt of a satisfactory substituted bond.
(`78 Code, § 14.12.060.)
A substituted bond may be filed in lieu of any bond on file with the Agency pursuant to this title. The Agency shall accept and file the same if it meets the requirements established by the Agency and is in proper form. The bond for which it is substituted shall be exonerated by the Council if the Agency finds that all of the conditions of the bond have been satisfied and no default exists as to performance upon which the bond is conditioned.
(`78 Code, § 14.12.070.)
Whenever a well is to be drilled or serviced closer than 150 feet to a residential structure, or to private open space contiguous to a residential structure, or closer than the setback requirements of this title, and the well drilling and servicing equipment is or will be, in the opinion of the Agency, subject to toppling or endangering life and limb, the operator shall file with the City Clerk an insurance policy of not less than $2,000,000 coverage, subject to the approval as to form by the City Attorney indemnifying and securing the city, its agents, employees, officers and Council members against all claims or causes of action for any injury or loss which may be suffered by any person or for any damage to any property resulting therefrom.
(`78 Code, § 14.12.080.)
Except as provided in § 14.12.080, whenever insurance is required by this title, the following coverage amounts shall be required unless the Agency establishes a greater amount based on special circumstances: $100,000 property damage and $100,000/$300,000 personal liability indemnifying and securing the city, its Council members, agents, officers and employees against all claims and causes of action by persons who may be injured or whose property may be damaged as a result of the permittee’s conduct, including its agents, employees, officers and contractors in the exercise of its privileges under a permit granted pursuant to this title. No additional public liability or property damage insurance shall be required for drilling additional wells on the same property. The operator shall agree to keep on file with the city during its operations under the permit a certificate or certificates of insurance duly executed by the operator’s insurance carrier or carriers, which certificate or certificates shall serve as evidence of the continued existence in full force and effect of the insurance policies.
(`78 Code, § 14.12.090.)