Upon application for transfer of permit duly presented to the oil and gas inspector, and upon stipulation in writing by the applicant for transfer to assume all obligations of the current permittee, including satisfactory security, bonds, and insurance, and upon a showing that the applicant for transfer would have otherwise been qualified for issuance of the original permit, a permit may be transferred into the name of a new permittee. A permit transfer fee, set by resolution of the City Council, must accompany all applications for a transfer. Transfer of a permit shall not extend the term of the original permit or affect any other substantive conditions or requirements therein. If for any reason an application for a transfer is rejected, the same shall be treated as a request for withdrawal of the permit by the original permittee unless the cause for rejection is timely cured or unless the original permittee indicates in writing an intention to complete the well under the existing permit.
(Ord. No. 2272, § 1, 1-26-93; Ord. No. 3242, § 8, 8-28-03)