In order to ensure performance, each registrant seeking a surface cut permit must establish a performance bond in favor of the city to be issued by an entity subject to jurisdiction and venue in the city in an amount to be determined by the Division, which shall be in effect for and cover all surface cuts made by that party for a period of two (2) years after the final inspection and approval of the surface cut by the Division. In no event shall the amount required by the Division for the performance bond exceed the reasonable costs of repairing the activity affiliated with the surface cut permits. This provision shall not apply to the city. In lieu of a performance bond, the Director may allow the applicant for a surface cut permit to deposit with the Division an amount appropriate to cover the city's cost of repairing the surface cut; to be held for a similar period. The city reserves the right to impose additional security requirements as part of any surface cut permit or franchise agreement.
(Ord. 2020-07, passed 6-8-20)