4-1-4: BOND:
Whenever application is made for a building permit for residential property, the valuation of which proposed construction is in excess of two thousand five hundred dollars ($2,500.00), the contractor performing that work shall file with the Building Commissioner a bond in the penal sum of ten thousand dollars ($10,000.00) with good and sufficient sureties approved by the Building Commissioner and conditioned upon such person's compliance with the regulations of the Building Code.
The requirement for this bond may be waived by the Building Commissioner upon the consent of the owner of the property in question. (Ord. 87-3, 3-24-1987)