(A) Whenever any application for a permit under this subchapter has been approved by the City Building Inspector, the City Clerk shall require the applicant to give bond in a sum equal to the cost of the work as determined and endorsed on the application by the City Building Inspector, but at no time to be fixed at a sum less than $1,000. Such bond shall be conditioned on the restoration of the place where the work is to be done in as good condition structurally as before the work was done and in the manner provided by this subchapter and shall maintain it in such condition for a period of one year after completion of the work. The bond shall be for a period of two years.
(1) In addition thereto, the applicant shall file with the bond a certificate of insurance in the amount of $300,000 for property damage resulting from any one incident and for bodily injury or death to any one person, with a limit, however, of $5,000,000 for bodily injury or death resulting from any one incident.
(2) The certificate shall carry an endorsement which shall extend the policy to work to be done under the permit and shall indemnify and save the city and any utilities thereof harmless of and from any and all losses, claims, demands, payments, suits, actions, recoveries and judgements of every nature and description made, brought or recovered against the permittee and city or either of them by reason of any act or omission of permittee, his agents or employees or subcontractor thereof.
(B) In lieu of a bond and certificate of insurance as above provided any person, firm or corporation who contemplates more than one dig or excavation in any one year may file with the City Clerk a yearly bond as above provided, except in the penal sum of $10,000 and a yearly certificate of insurance as above provided. However, nothing shall relieve such person, firm or corporation from securing a permit and approval for each such dig or excavation prior thereto as above provided.
(Ord. CO-88-15, passed 10-24-88) Penalty, see § 97.99