Before issuing a permit for any work to be done in or on any street or alley or on or above public property which may cause the City to sustain loss or damage, the Commissioner of Buildings shall require the owner to make a deposit of money as follows:
Estimated Construction Cost
Deposit Required
Up to $10,000
$10,000 and up
1% of estimated cost
Such deposit of money shall be held and used for the payment of the repair of any damage during construction to any public sidewalk, highway, curb or other public property or for any damage because of the failure to conform to any ordinance, lawful order of the Division of Building or Building Code provision.  If any damage shall be caused and the same is not repaired within ten days after notice to the owner from the Commissioner of Buildings to repair the same, unless such period is extended, the City may proceed to repair such damage or cause the same to be repaired and pay for the cost of repair from the funds so deposited, and hold the owner liable for any deficiency.  Such deficiency may be enforced in a suit at law brought by the City against the owner, who shall be liable for any and all deficiencies.  The deposit, less a fee of twenty-five dollars ($25.00), shall be refunded to the owner after completion of the construction in case there is no such damage or no violation of law.  The Commissioner of Buildings is hereby authorized to release any funds which may be deposited in the event there is no damage or in the event the damage has been repaired and there is no violation by the owner, his or her contractor or his or her agent or failure to conform to any ordinance, lawful order of the Division of Building or Building Code provisions.
   In the event the owner fails to comply with and conform to any ordinance or order of the Division of Building or building provisions, the deposit of moneys made at the time of issuing a permit shall be forfeited to the City and shall be turned over by the Building Commissioner to the Finance Director for deposit to the General Fund.  This provision is in addition to all other remedies heretofore set forth in this section.