Each operator and/or permittee shall be required to obtain performance bonds and, if necessary, payment bonds to ensure the faithful performance of its responsibilities under this chapter, including a sufficient amount to cover removal of facilities and/or restoration of city facilities within the public rights-of-way. The amount of the performance and payment bonds shall be no less than ten percent (10%) of the estimated cost of constructing, upgrading or rebuilding the utility system and is not in lieu of any additional bonds that may be required through the permitting process. The bond shall be in a form acceptable to the City Attorney. The city may from time to time increase or decrease the amount of the required performance bond to reflect changes in risks to the city and to the public.
(Ord. 2003-08, passed 3-17-03)