Before an application for a permit is granted, the Clerk of Council shall be provided with a policy or a certificate of insurance, covering the applicant's liability for property damage in an amount of not less than three hundred thousand dollars ($300,000) and the applicant's liability for personal injury in an amount of not less than three hundred thousand dollars ($300,000), which insurance policy or policies must be maintained for the period of time that drilling is in process, the well is in operation or is producing oil and/or gas, or until the well is pulled and plugged as hereinafter provided. These insurance policies and the coverages thereunder must be to the complete satisfaction of the City and the policies may be rejected by the City for any valid reason. Rejection of the insurance policies shall serve to stay the granting of a permit until the time that an insurance policy providing coverage entirely satisfactory to the City has been provided by the applicant.
(Ord. 3797. Passed 3-3-64.)