A maintenance 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 fifty percent of the actual 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 completed.
(a) The maintenance bond shall remain in force for two years after final completion of the work, as determined by the Mayor, including the restoration of public ways and other property affected by the construction.
(b) The maintenance bond shall guarantee, to the satisfaction of the City:
(1) The repair of any road settling caused by the construction;
(2) That any reconstruction or repair shall be carried out in compliance with applicable plans, permits, technical codes and standards; and
(3) The restoration of the public ways and other property affected by any reconstruction or repair.
(Ord. 1998-11. Passed 6-22-98.)