Before a utility excavation permit is issued, the applicant shall deposit with the Clerk a surety bond in the amount of $2,000 in favor of the city or one-and-a-half times the estimated cost of any excavation(s) and restoration, whichever is greater:
(A) With good and sufficient surety by a surety company authorized to do business in the state;
(B) Satisfactory to the City Attorney in form and substance;
(C) Conditioned that the applicant will faithfully comply with all the terms and conditions of this chapter; all rules, regulations, and requirements pursuant thereto and as required by the Public Works Director; and all reasonable requirements of the Public Works Director; and
(D) (1) Conditioned that the applicant will secure and hold the city and its officers harmless against any and all claims, judgements, or other costs arising from the excavation permit or for which the city, the City Council, or any city officer may be made liable by reason of any accident or injury to persons or property through the fault of the permittee.
(2) Recovery on the surety bond for any injury or accident shall not exhaust the bond, but it shall in its entirety cover any or all future accidents or injuries during the excavation work for which it is given.
(3) In the event of any suit or claim against the city by reason of the negligence or default of the permittee, upon the city given written notice to the permittee of such suit or claim, any final judgment against the city requiring it to pay for such damage shall be conclusive upon the permittee and his or her surety.
(4) An annual bond may be given under this provision which shall remain in force for one year, conditioned as above, in the amount specified herein and in other respects as specified herein but applicable as to all excavation work in streets by the permitted during the term of one year from the date.
(Prior Code, § 8-2-6) (Ord. 549, passed 2-27-2012)