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If no permit is issued pursuant to any application for a permit to make an excavation or open a street, the deposit made with such application shall be returned to the applicant, less the cost and expense of the investigation by the City Engineer. If a permit is issued, a fee as set forth in Chapter 214 of the Administration Code shall be paid into the City Treasury as a fee for issuing such permit. The cost and expense of the investigation by the City Engineer shall be paid to him or her, and the balance of such deposit shall be held until the street, highway or public place is restored to its former condition, to the approval of the City Engineer, after which the balance of such deposit, less the cost of inspection of the work, if any, shall be returned to the applicant. If such restoration is not made within the time specified in the permit, the work shall be done by the Municipality, the expense thereof shall be charged against such deposit, and the balance, if any, shall be returned to the applicant. If the amount deposited is not sufficient either to pay the cost and expense of the investigation and inspection by the City Engineer or to restore the street, public highway or other place so excavated or opened, the additional amount required therefor shall be paid to the Director of Finance by such applicant, upon receipt of a statement therefor.