The bond required by Section 1339.02 shall be filed annually with the Finance Director. The bond shall either be a cash bond or have sufficient surety as approved by the Law Director. The bond shall be for a term of one year and shall be renewed annually. The bond shall be in the amount of three thousand dollars ($3,000) for each service station to provide for the repair or removal of the service station and its appurtenances and restoration of the property. The bond shall be conditioned upon the repair or removal of the service station and restoration of the property if the service station is determined to be an abandoned service station as provided in Section 1339.05. If the service station is determined to be an abandoned service station, and if Section 1339.05(d) or (f) applies, the bond shall be forfeited and the proceeds applied to the cost of repair or removal and restoration as provided in Section 1339.06. If the amount of the bond exceeds the cost of repair or removal or restoration, the excess shall be returned to the depositor.
(Ord. 131-1976. Passed 12-13-76.)