Unless otherwise provided in an unexpired franchise agreement, a performance bond or other form of surety acceptable to the city equal to at least 100% of the estimated cost of constructing a permittee’s facilities within the public rights-of-way of the city shall be provided to the city before construction is commenced.
(A) Unless otherwise provided in an unexpired franchise agreement, the surety shall remain in force until 60 days after substantial completion of the work, as determined in writing by the city, including restoration of public rights-of-way and other property affected by the construction.
(B) Unless otherwise provided in an unexpired franchise agreement, the surety shall guarantee, to the satisfaction of the city:
(1) Timely completion of construction;
(2) Construction in compliance with applicable plans, permits, technical codes, and standards;
(3) Proper location of the facilities as specified by the city;
(4) Restoration of the public rights-of-way and other property affected by the construction; and
(5) Timely payment and satisfaction of all claims, demands, or liens for labor, material, or services provided in connection with the work.
(Ord. 557-2019, passed 12-9-2020)