The bond provided for in Section 844.07 shall be in full force and effect during the entire drilling operation and until such time as the well is capped and for at least thirty days thereafter. At that time or at any time thereafter, to which date the bond shall continue in full force and effect, the applicant may present his certificate of insurance to the Director of Public Service and make written request that the bond provided be released and that in lieu thereof the certificate of insurance be filed with the Director. The insurance policy represented by the certificate of insurance shall cover the applicant's liability for property damage in an amount not less than one hundred thousand dollars ($100, 000), and the applicant's liability for personal injury in an amount not less than one hundred thousand dollars ($100, 000), which insurance policy must be maintained for such period of time as the well is in operation or is producing oil or gas or is properly plugged and abandoned. When the written request for release of the applicant's bond is made, the Director shall make or cause to be made an examination of the premises for which the bond is provided and if such examination discloses that the applicant has complied with the terms of the bond the Director shall notify the Mayor who, with the approval of the City Solicitor, shall execute a release of the principal and surety. Thereafter the bond shall not be in effect and the principal and surety thereon shall be released from all future liability on such bond.
(Ord. 64-40. Passed 6-16-64.)