Any permitee placing or installing any structure or object on town-owned utility poles, equipment or structures within the right-of-way shall ensure that, at least 30 days prior to the commencement of any work on town utility poles, equipment or structures, performance security is provided to the town, in the form of a letter of credit, in a form deemed legally sufficient by the town attorney, bond or cash, posted in the amount of 125% of the estimated costs of replacing the utility pole or equipment or structure. Ten percent of that amount shall be provided as a cash bond. The estimate shall be prepared by an engineer registered in the State of Florida to practice professional engineering. Upon completion and approval of all permitted improvements, 90% of the posted security will be released by the town. Ten percent of the performance security shall remain in place at all times the attachment, structure or object remains installed or placed on town utility poles or other town-owned equipment within the public right-of-way. If at any time the security funds are not in place, the structure or object shall be deemed abandoned and shall be subject to removal pursuant to § 93.40.
(Ord. 2018-06, passed 8-29-2018)