The following retainer fee or bonds shall accompany an application for a permit under this chapter:
A. In cases where the estimated cost of the project is up to and includes one thousand dollars ($1,000.00), the Commissioner of Streets shall require a retainer fee of one hundred fifty dollars ($150.00). The cost of any work accomplished by the City which was necessitated by the contractor not completing his job to City specifications will be assessed against that contractor's retainer fee. Any balance of said retainer fee shall be returned to the contractor upon passage of the final inspection.
B. In cases where the estimated cost of the project exceeds one thousand dollars ($1,000.00), the Commissioner of Streets shall have the authority to require a maintenance and construction bond to be filed with the application for a permit under this chapter in an amount equal to one-half (1/2) of the estimated cost of the project and conditioned that such work shall be done in accordance with the City's standard specifications and guaranteeing the same for a period of ninety (90) days. In any case where a permittee under this chapter is in default or fails to comply with the requirements of this chapter the Commissioner of Streets shall order the completion of the work and shall recover the cost from permittee as required by law.
C. The Commissioner of Streets shall have the authority to require an applicant under this chapter to file a bond conditioned to protect and save harmless the City from all claims for damages or injury to other persons by reason of such alteration work. (Ord. 205 § 5(l), 1977)