After the Planning Commission approves an application for a gas or oil well permit, the Director of Public Safety shall issue the permit upon the applicant's furnishing:
(a) A surety bond in the sum of five thousand dollars ($5,000) to guarantee compliance with all maintenance, restoration and other requirements of State law and this chapter. This bond shall be maintained until the Director has verified compliance with all requirements of this chapter and State law, including, but not limited to, Section 753.09(a), (b), (c) and (d). Forfeiture of the bond may result from a violation of any of the provisions of this chapter.
(b) A policy of public liability insurance having minimum limits of one million dollars ($1,000,000) per person and two million, five hundred thousand dollars ($2,500,000) per incident for personal injury, and two hundred thousand dollars ($200,000) per person and five hundred thousand dollars ($500,000) per incident for property damage, insuring the City and any person suffering any personal injury or property damage arising from the drilling, operation, deepening or modification of the well or its site. In lieu of such policies, the applicant may deposit certificates of insurance showing that he or she has such policies in effect. The Mayor shall approve the adequacy and the Law Director the form of such policies or certificates of insurance which shall be maintained from the time drilling, operation, deepening or modification activities are commenced until the well is plugged, storage tanks are emptied and taken out of use and the well and site are abandoned and approved pursuant to this chapter and State laws, rules and regulations.
(Ord. 88-85. Passed 7-15-85.)