(A) An applicant shall require all of its contractors engaged in the construction, installation, maintenance, or repair of pipelines involving public rights-of-way, to carry a public liability and property damage policy written by a company authorized to do business in the state in the amounts of $100,000/$300,000 public liability and $100,000 property damage, naming the city and its officers as additional parties insured. The applicant shall furnish a certificate of such insurance to the city.
(B) Before commencing work on underground construction and to guarantee the faithful performance of the permit, the applicant shall furnish the city with cash, a certified check, or a surety bond in the amount of the construction improvement, but not less than $5,000. The surety bond shall be issued by a company licensed to do business in the state and otherwise acceptable in all respects to the city. The surety bond furnished shall remain in force for a period of one year after the underground construction covered by the permit has been completely installed.
(C) Notification by the permit holder that the construction is complete shall commence the running of the one-year period for the surety bond. Public utilities as defined by O.R.S. 757.005 are exempt from the requirements of this section.
(Prior Code, § 3.225)