(a) Bond Requirement. The applicant shall provide an irrevocable bond to the City in an amount equal to or greater than fifty thousand dollars ($50,000.00) as determined by the City Engineer, or provide proof of an equivalent financial mechanism, to cover costs the City may incur for the construction, maintenance, or removal of all facilities owned or operated by the applicant. The bond shall take effect on the date that construction of a new facility begins, and the applicant shall maintain said bond while applicant's facilities are in service and for one hundred (120) calendar days following the removal of applicant's facilities.
(b) Attachment. Unless a default, problem, or deficiency involves an emergency or endangers the safety of the general public, the City Engineer shall make all reasonable efforts to allow an applicant a period of five (5) business days after sending notification in writing to the last known business address to correct or repair any default, problem, or deficiency, prior to City Engineer attachment of a bond. Upon attachment, written notice shall be sent to the provider by the City Engineer. (Ord. 17-O-17. Passed 2-7-17.)