(a) Prior to the issuance of any Construction Permit, the Applicant shall, to insure compliance with this chapter [unless waived by the City Engineer when determined in writing by the City Engineer that the Construction work being proposed is of a nature that poses little or no risk of damage to the City if not completed] provide the City with one of the following surety Construction and Performance Bonds from a bonding company licensed to do business in Ohio and approved by the Citys Law Director:
(1) A Construction and Performance Bond in an amount determined by the City Engineer to cover the cost of completion of the Construction work in, and restoration of, the Public Right-of-Way, which is the subject of the Construction Permit including any costs, expenses, damages or loss the City pays or incurs because of any failure attributable to the Permit Holder to comply with the codes, ordinances, rules, regulations or permits of the City.
(2) With the Finance Directors approval, any major utility company may post an ongoing cash or surety Construction and Performance Bond in an amount to be determined by the City Engineer, and subject to periodic increase as reasonably deemed necessary, to adequately cover the Construction work to be performed by the utility and/or any subcontractors in the Public Right-of-Way.
(b) Permit Holders shall maintain the full value of the Construction and Performance Bond regardless of claims against the Construction and Performance Bond made by, or paid to, the City; or shall replenish the security fund within fourteen (14) days after written notice from the City that there is a deficiency in the amount of the fund, whichever is applicable.
(c) When the Permit Holder has completed all work in the Public Rights-of-Way subject to the Construction Permit, and the City Engineer determines that the Permit Holder has complied with all provisions of this chapter, the Finance Director shall release the Construction and Performance Bond. If the amount of the Construction and Performance Bond was insufficient to reimburse the City for its costs related to the Permit Holders Construction Permit, the Finance Director shall notify the Permit Holder and proceed to collect the amount of the deficiency.
(Ord. 133-01. Passed 12-3-01.)