(1) In order to ensure proper backfill and restoration of surface, the permittee shall deposit a surety bond or cash deposit with the city recorder or designee payable to the city, except that a public utility operating or using any of the streets under a franchise from the city will not be required to furnish such bond; providing, such franchise obligates the holder thereof to restore the streets and to hold the city harmless in the event of any injury to any person or damage to any property due to negligence of such holder in conducting excavation and restoration operations under such franchise. The required surety bond must be:
(a) With good and sufficient surety;
(b) By a surety company authorized to transact business in the state;
(c) Satisfactory to the city attorney in form and substance;
(d) Conditioned upon the permittee's compliance with this chapter in order to secure and hold the city and its officers harmless against any and all claims, judgments or other costs arising from the excavation permit or for which the city, the city council or any city officer may be liable by reason of any accident or injury to any person or property through the fault of the permittee arising out of failure to properly guard the excavation or for any other negligence of the permittee;
(e) Conditioned to fill up, restore and replace in good and safe condition, as near as may be to its original condition and to the satisfaction of the city, all openings and excavations made in streets, and to maintain any street where excavation is made in as good condition for the period of twenty four (24) months after the work shall be done, usual wear and tear expected, as it was before the work shall have been done.
(2) The amount of the surety bond or cash deposit shall be established by resolution and may be changed from time to time, but until such resolution is passed, the amount of the surety or cash deposit shall be specified in the consolidated fee schedule. (Ord. 2006-18, 2006)