A. Completion Bond: No permit shall be issued unless and until the applicant has posted with the city clerk a bond, either in the form of a cash deposit or an irrevocable letter of credit, in the form prescribed by the city, in an amount which may be required in any particular instance by the city council, but in no case less than five hundred dollars ($500.00) if no pavement is involved, and seven thousand five hundred dollars ($7,500.00) if a paved area is involved. Such bond shall ensure the proper restoration of the ground and proper laying of pavement, if any, and shall also ensure submission of an "as built plan" showing all elevations if required by subsection 8-1-5B of this code. Said bond shall remain in effect until the project has been properly completed, the "as built plan" has been submitted as required by subsection 8-1-5B of this code, and the bond is released by order of the city council. (Ord. 05-37-0, 9-14-2005)
B. Default Or Release Of Performance Bond:
1. If the applicant shall have completed the restoration of the ground and laying of pavement, if any, on or before the scheduled date of completion, and such completion shall meet all requirements of the city, the city council shall direct the clerk to release said bond.
2. If the applicant fails to complete the project by the agreed upon completion date or fails to complete the work in accordance with the applicable ordinances and reasonable requirements for the city, the building commissioner shall so notify the applicant of such deficiencies, and shall advise the applicant that he has thirty (30) days from the date of receipt of said notice to cure the same. If the deficiencies are not remedied within said time, the building commissioner shall report the same to the city council which may, by resolution, find the applicant in default and direct that the work be completed by the city and that the applicant's bond, or any necessary portion thereof, be applied to the cost of completion.
3. Forfeiture of a bond shall not constitute a waiver of the city's right to collect from the applicant the amount of a deficiency resulting from the actual cost of completion being in excess of the bond. The city shall retain the right to use all legal and equitable remedies available to it for collection of such deficiency. (1970 Code §5-2.07, as amended)
C. Deposit Of Cash Bonds:
1. All cash bonds will be held by the city treasurer.
2. In the event of a bond forfeiture, the bond proceeds will be first applied to payment of the cost of completion, and as much thereof as is not needed to cover the cost of completion will be returned to the applicant. (Ord. 06-19-0, 5-24-2006)
D. Unclaimed Bonds: Any bond posted with cash pursuant to this section, shall be subject to the unclaimed bond forfeiture provisions of title 1, chapter 9 of this code. (Ord. 92-29-0, 10-14-1992)