The applicant, for each building, structure or part thereof, shall deposit with the City a one thousand dollar ($1,000) certified check or cash deposit to indemnify the City against expenses or damages incurred itself or by its residents and property owners as a result of the moving operation of a building, structure or part thereof to a location within the City; or a two hundred fifty dollar ($250.00) certified check or cash deposit for each building or part thereof, for a like purpose as a result of a moving operation of a building structure or part thereof to a location without the City; or in the event of a razing operation. Such deposit shall be held for a period of sixty days after completion of the moving operation of a building, structure or part thereof to a location within the City; or for a period of five days after completion of the moving operation of a building, structure or part thereof to a location without the City and/or ten days after completion of the razing operation. For the purpose of this section, the moving or razing operation shall be deemed completed when the building or structure is placed upon the new foundation and/or all rubbish or debris is cleared away and the ground is leveled to grade and the premises are placed in a clean and sanitary condition. At the expiration of such sixty-day, five-day or ten-day period, if no such expenses or damages are claimed, or having been claimed, have been satisfactorily adjusted by the applicant, such deposit shall be returned to the applicant less such amounts as are required for inspection and all such other expenses as herein provided in this chapter. If claims or damages are still being made at the end of such period, the City may, at its option:
(a) Apply as much of the deposit as may be necessary to satisfy such claim and refund the balance;
(b) Retain, subject to a decision of a court or of the parties involved, an amount necessry to satisfy such claim and refund the balance; or
(c) If the report of a claim has been acknowledged by the insurance company providing coverage for the applicant, then the deposit may be refunded upon the insurance company admitting liability and guaranteeing payment for same. (Ord. 121-1970. Passed 9-14-70.)