A. Security Required: Prior to commencement of work, the company must deposit with the city security in the form of certified check, letter of credit or construction bond, in a sufficient amount as determined by the director for the completion of the work.
B. Term: The security will be held until the work is completed plus a period of two (2) months thereafter to guarantee that restoration work has been satisfactorily completed.
C. Multiple Projects: Upon application of the company, providing such information as the director may require, if two (2) or more work projects are to be constructed during a calendar year, the director may accept, in lieu of separate security for each project, a single security for multiple projects in such form and amount as determined, in the discretion of the director, to be sufficient to assure completion of all projects which may be in progress at any one time during that calendar year and to guarantee that restoration work will be satisfactorily completed. The security will then be returned to the company with interest if required by law and then interest at the applicable statutory rate. (Ord. 223, 9-5-1995)