Each applicant, upon the receipt of a permit, shall provide the municipality with an acceptable corporate surety bond to guarantee faithful performance of the work authorized by a permit granted pursuant to this chapter. The amount of the bond shall be 100% of the estimated cost of restoring the street opening. The term of the bond shall begin upon the date of posting thereof and shall terminate upon the receipt by the permittee of a certificate of final inspection from the Manager. If the permittee anticipates requesting more than one permit per year as required by this chapter, he or she may furnish one continuing corporate surety bond in such amount as the Manager deems necessary to guarantee faithful performance. The amount of such bond shall be in relation to the cost of restoring pavement cuts to be made by the permittee throughout the year. The municipality may elect to waive the requirement insofar as it pertains to a public utility company if such company files with the municipality its corporate bond in a form satisfactory to the Municipal Attorney, conditioned upon compliance with the provisions of this chapter.
(Ord. 17-2016. Passed 10-10-16.)