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(A) Before a listing permit or license is issued by the City Controller, the applicant shall file a surety bond with the City Controller in the amount of $5,000 if the applicant has its principal office and place of business in the State of Indiana, or in the amount of $15,000 if the applicant has its principal office and place of business outside the State of Indiana.
(B) The bond shall be maintained in full force and effect for the balance of the listing period and shall be:
(1) Issued by a surety authorized to do business in Indiana;
(2) Payable to the City of Lawrence; and
(3) Conditioned upon:
(a) Compliance with the requirements set forth in this chapter;
(b) Prompt payment of all fees owed to the City of Lawrence as set forth in this chapter;
(c) Prompt payment to the City of Lawrence for any loss or expense for damages to property of the City of Lawrence caused by any action of the contractor, his or her agents or employees; and
(d) Prompt payment to any person, partnership or corporation which is an unknown third party obligee for any:
1. Losses arising out of violations of any state statute, City ordinance or this chapter;
2. Expenses necessary to correct the violations; and
3. Court costs and attorney’s fees allowed by any court in connection with the commencement and prosecution of any action to recover the losses and expenses for any violation of the requirements of any state statute, City ordinance or this chapter.
(Am. Ord. 3, 2011, passed 6-6-2011) Penalty, see § 2-1-4-11