The following shall be required of each applicant for a permit:
(A) Performance bond.
(1) Every excavator shall post a performance bond with the director of engineering and the bond shall remain with the city until the completion and acceptance of the work performed and the posting of a maintenance bond as hereafter set out.
(2) A minimum performance bond shall be posted in an amount not less than $2,000. In the event that an excavation is within five feet of the pavement and/or runs lengthwise on such street, the applicant shall be required to post a performance bond on the basis of $10 per square foot of pavement cut or $5 per foot if outside of the actual pavement; provided, however, the performance bond shall be in an amount not less than $2,000. A blanket bond in the amount of $25,000 may be accepted at the discretion of the Director of Engineering.
(3) The performance bond shall be cancelled only after the completion of the work, inspection and approval by the Director of Public Works or Director of Engineering, or their designee, and the posting of a maintenance bond in the amount hereafter set out. Such approval shall be based on completed satisfactory restoration. In the event that the property has not been restored to a condition as good or better than it had existed prior to the beginning of the work, the city may call upon the surety company to perform such work or may perform the work itself and invoice the excavator for the restoration.
(B) Maintenance bond. A maintenance bond required under this chapter shall be in the amount of $2,000 plus 10% of the construction costs itemized in the permit, to the extent construction costs exceed $2,000. Excavator shall notify the City Department of Engineering when the work is complete and post a maintenance bond; said maintenance bond shall be for a period of three years from the date of posting. Three years after the date of posting, said maintenance bond shall be cancelled.
(Ord. 041890, passed 4-18-90; Am. Ord. 091514A, passed 11-17-14; Am. Ord. 052118D, passed 6-18-18; Am. Ord. 091619, passed 9-16-19) Penalty, see § 94.99