(A) Before the issuance of any permit, the applicant shall file a security deposit with the City Recorder in the form of either cash or certified checks payable to the city or security bond on a form acceptable to the city, as a guarantee and pledge to the city by said applicant against any and all loss, damage, or expenses that may thereafter arise or be caused by said applicant in the accomplishment of the purpose or purposes contained in said application as made by said applicant, and to ensure the performance of the terms and conditions of said permit and this subchapter.
(B) The security deposit whether in form of cash, certified checks, or bond shall be in an amount equal to twice the estimated replacement value of the surface to be cut, together with the cost of re-excavation and re-filling with proper material, if necessary, as determined by the City Council, or its duly authorized agent. The minimum amount is hereby established by the City Council by resolution, however the city may waive the security deposit requirement in the case of unimproved streets if it appears the public interest will be adequately protected otherwise.
(C) Any person, firm, or corporation may in lieu of filing separate security deposits for each project, file a surety bond in the amount of $2,500 to be valid for one year ensuring the faithful performance of the terms and conditions of all street permits issued during the period of the bond and this subchapter.
(Ord. 34, passed 3-21-1977)