A performance bond, written by a corporate surety authorized to do business in Ohio and listed in the latest issue of U.S. Treasury Circular 570, equal to 150 percent of the estimated cost of constructing, reconstructing, installing or repairing the permit holder's facilities or excavation within the public ways of the City shall be deposited before construction is commenced.
(a) The performance bond shall remain in force until eighteen months after final completion of the work, as determined by the Mayor, including restoration of public ways and other property affected by the construction.
(b) The performance bond shall guarantee, to the satisfaction of the City:
(1) That the construction work will comply with applicable plans, permits, technical codes and standards;
(2) The proper location of the facilities as specified by the City or represented to the City;
(3) The restoration of the public ways and other property affected by the construction;
(4) The submission of "as-built" drawings in a format specified by the Mayor after completion of the work as required by this chapter; and
(5) The timely payment and satisfaction of all claims, demands or liens for labor, material or services provided in connection with the work.
(Ord. 1998-11. Passed 6-22-98.)