Prior to obtaining a permit hereunder, the applicant shall be required to enter into a bond agreement acceptable to the city providing sufficient security to ensure completion of the permitted work and the installation and/or repair of public improvements required to be installed and compliance with all construction code requirements and other applicable laws. If the public improvements for the lot or parcel are not yet installed, the bond agreement shall be in substantially the same form and subject to the same conditions as set forth in section 12-6-160 of this code regarding security for public improvements within subdivisions. In the event the applicant fails to timely and fully complete, repair and/or replace said improvements, work or other construction code requirements in a satisfactory manner, the city may thereafter use the funds comprising the bond to cause the improvements, work or construction code requirements to be completed, repaired and/or replaced. Any unexpended portion of the bond retained by the city, less twenty percent (20%) of the total cost to complete, repair and/or replace the improvements or work to cover overhead and administrative costs of the city, shall be refunded to the applicant upon timely and satisfactory completion, repair and/or replacement of said improvements and work, and compliance with all other construction code requirements and applicable laws. If the funds received from the bond are not sufficient to pay the total cost of completion, repair and/or replacement of the improvements, work and the twenty percent (20%) overhead fee, the applicant shall be obligated to pay to the city all deficiency amounts. If the public improvements are already installed on the lot or parcel, a bond shall be provided for any potential damage to the installed public facilities in an amount and form to be set by the city. The city may pursue all civil and criminal legal remedies to ensure payment and/or reimbursement for deficiency amounts. Permit fees and any other fees or bonds required herein shall be paid to the city before a permit may be issued. (Ord. 2007-16, 3-6-2007; amd. 2016 Code)