A construction performance bond in an amount determined by the director shall be required from each applicant. A surety bond shall be from a corporate surety authorized to do business in the state. Security required pursuant to this section shall require that the holder will perform the work in accordance with this chapter and applicable permits and regulations; will pay to the city any costs incurred by the city in performing work pursuant to this chapter; and will indemnify and save the city and its officers, agents and employees harmless pursuant to this code. The construction performance bond shall be released by the city upon completion of the work and compliance with all conditions imposed by the permit. For permits allowing excavations within the public right of way, the construction performance bond shall be held for a period of twenty four (24) months to guaranty the adequacy of all restoration work. (Ord. 1174, 4-28-2008)