Each applicant, upon the receipt of a permit, shall provide the City with an acceptable corporate surety bond conditioned on compliance with the street opening specifications of the City and the provisions of this chapter. The Director shall determine the amount of the bond and it shall be in relation to the cost of restoring the pavement cut to be made by the permittee. However, the amount of the bond shall not be less than one thousand dollars ($1,000). The term of each such bond shall begin from the completion date of the permanent restoration of the opening by the City and shall terminate upon the receipt by the permittee of a certificate of final inspection from the Director. If the permittee anticipates requesting more than one permit a year, he may file a continuing corporate surety bond conditioned on compliance with the specifications of the City and the provisions of this chapter in such amount as the Director deems necessary. 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.
Or Alternate Provision For Section 903.22 Where Municipality Does Not Restore The Opening
Each applicant, upon the receipt of a permit, shall provide the City 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 percent 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 Director. If the permittee anticipates requesting more than one permit per year as required by this chapter, he may furnish one continuing corporate surety bond to guarantee faithful performance in such amount as the Director deems necessary. 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.
(Ord. 87-7. Passed 4-20-87.)