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(A) Bond to guarantee satisfactory restoration of right-of-way. Any proposed improvement to be located within public right-of-way in the city or any of the negotiated utility service territories shall provide to the city a right-of-way bond in the amount of 100% of the total contract amount or estimated improvement cost. This cost estimate shall be stamped and signed by a licensed engineer for the state of Indiana. The bond shall be completed and submitted on the city bond form.
(B) The following types of bonds shall be accepted by the city:
(1) Cash bond;
(2) Bond provided by a surety company, approved by the city;
(3) A letter of non-revocable credit, prepared in substance and form satisfactory to the city.
(Ord. 16-2020, passed 12-7-20)