(a) If the applicant is a contractor, he or she shall provide to the Building Commissioner either cash money or a bond. A cash bond shall be in the amount as specified in Chapter 214. If a surety bond is provided, the form shall conform to the approved form of bond found in Chapter 1444 and shall be approved by the Director of Law and executed by the applicant as principal and by a compensated surety company as surety in an amount estimated by the City Engineer equal to the actual cost of carrying out the action proposed to be taken by the applicant, in accordance with such plans and profiles as approved by the City Engineer. The City Engineer’s estimate of the cost shall be conclusive. Upon receipt and approval/acceptance of the cash bond or surety bond, the Building Commissioner shall deposit said bond with the Director of Finance. Such cash bond or surety bond shall be returned to the applicant by the Director of Finance upon receipt from the City Engineer of a certificate stating that action has been taken in accordance with the plans and profiles.
(b) Whether or not the deposit of cash bonds was made prior to the effective date of this subsection, when more than twenty-four months have passed since the making of any initial deposit required under this chapter, and, further, where no significant activity is occurring with regard to construction activities associated with such deposit, the Building Commissioner may seek to have such deposit forfeited to the City by application to Council. Council may declare such deposit forfeited to the City after a public hearing thereon, at which time the owner of the deposited funds shall be given an opportunity to show cause why such deposit should not be forfeited. Said owner of the deposited funds shall be given a thirty-day prior notice of the public hearing, which shall be made both by certificate of mailing to the owner's last known address on file with the City and by publication in a newspaper of general circulation.
(Ord. 2602. Passed 4-1-59; Ord. 05-56. Passed 5-4-05.)