Whenever a property owner or leasee, other than a person leasing and operating a service station pursuant to a contract with a supplier of gasoline and other petroleum products, owns, leases, or is constructing two or more service stations in this City, such owner or leasee may deposit with the Finance Director, in lieu of the bond required by Section 1339.03, money or a surety bond approved by the Law Director in the amount of ten thousand dollars ($10,000), or bond of the United States, Ohio or a political subdivision of Ohio, having a market value, as determined by the Finance Director, of ten thousand dollars ($10,000). The bond or deposit shall cover all service stations owned in this City, being constructed, leased, or operated by the depositor. It shall be conditioned upon the repair or removal of any such station and its appurtenances and restoration of the property, if the station is determined to be an abandoned station as provided in Section 1339.05. If any such service station is determined to be an abandoned service station, and
Section 1339.05(d) and (f) applies, a portion of the bond or deposit required to pay the costs of repair or removal or restoration shall be forfeited and shall be paid to the Finance Director upon request therefor. If the surety refuses to pay the cost of repair or removal and restoration to the Finance Director, he shall forthwith request the Law Director to file an action on the bond in the amount certified by him as the cost of repair or removal and restoration and shall pay to him, the proceeds of any judgment. A bond or deposit shall remain valid as long as it is sufficient to cover ten thousand dollars ($10,000) of liability. If the bond or deposit is reduced to a lesser amount, it shall be invalid unless sufficient additional bond or deposit is provided to restore the amount of liability cover to ten thousand dollars.
($10,000). (Ord. 131-1976. Passed 12-13-76.)