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(a) In addition to the permit fee provided for in Section 1464.01, there shall also be filed with the Director of Finance an indemnity bond in the amount of five hundred thousand dollars ($500,000.00) before the moving of any structure by the permittee. The condition of such bond shall be that the owner of the structure and the person actually carrying out the work of moving the structure shall comply with all the general laws of the State and the ordinances of the City in the moving of such structure and further that they will indemnify, save and keep the City harmless from all damage, liability, claims, losses, costs or judgments made or rendered against or suffered by the City because of such moving operation. In lieu of such bond a public liability or property insurance policy issued by a solvent insurance company in the amount of two million dollars ($2,000,000.00) may be deposited with the Director of Finance, provided the City is indemnified thereby for losses sustained by reason of any liability imposed upon the City on account of such moving operation and is further indemnified for any and all damage caused to streets, highways, overhead wires, trees or other objects which may be lawfully placed or which lawfully exist in the streets and highways of the City. Such bond or insurance policy shall remain ln effect for at least one (1) year from the date of issuance.
(Ord. 2001-005. Passed 3-5-01; Ord. 2007-035. Passed 5-7-07.)