The applicant shall furnish a certificate of insurance covering the applicant's liability for property damage in the amount of not less than three hundred thousand dollars ($300,000), and each personal injury in the amount of five hundred thousand dollars ($500,000) in a form approved by the Director of Law. Further, a performance bond shall be furnished in an amount determined by the City Engineer. Such bond shall be conditioned upon the faithful observance of all provisions of law or ordinance relating to drilling of an oil or gas well and further conditioned upon the permittee and his and its assigns restoring to their former condition the streets, sidewalks and other public places of the City which may be disturbed in the operation; clearing the area of all litter, machinery, derricks, buildings, oil and other substances used or permitted in the drilling or producing operations whenever the well is abandoned or the operation discontinued and holding the City free and harmless from any and all liability incurred by the granting of such permit. The City Engineer is authorized to release the bond when the terms of the bond have been complied with.
(Ord. 94-83. Passed 7-11-83.)