Each permit holder shall establish a permanent security fund with the City by depositing the amount of fifty thousand dollars ($50,000) with the City in cash, an unconditional letter of credit, or other instrument acceptable to the City, which fund shall be maintained at the sole expense of the permit holder so long as any of the permit holder's facilities are located within the public ways of the City. In no event shall this security fund fall below a minimum of ten thousand dollars ($10,000). When the fund falls to a level of ten thousand dollars ($10,000) the fund shall be replenished back to the fifty thousand dollar ($50,000) level required herein.
(a) The fund shall serve as security for the full and complete performance of this chapter, including any costs, expenses, damages or loss the City pays or incurs because of any failure attributable to the permit holder to comply with the codes, ordinances, rules, regulations or permits of the City.
(b) Before any sums are withdrawn from the security fund, the City shall give written notice to the permit holder. Said written notice shall, if possible:
(1) Describe the act, default or failure to be remedied, or the damages, costs or expenses which the City has incurred by reason of the permit holder's act or default;
(2) Provide a reasonable opportunity for the permit holder to first remedy the existing or ongoing default or failure, if applicable;
(3) Provide a reasonable opportunity for the permit holder to pay any monies due the City before the City withdraws the amount thereof from the security fund, if applicable; and
(4) Provide the permit holder with an opportunity to review the act, default or failure described in the notice with the Mayor.
(Ord. 1998-11. Passed 6-22-98.)