(a) In the case of any opening or tunneling in any street, alley or other public ground in the City, and in addition to the bond required under Section 902.02, any firm, partnership, corporation, individual or other person who has installed, constructed or repaired any pavement and/or opened the streets for repair is hereby required to post with the City a bond to the satisfaction of the Director of Public Service, guaranteeing against defects in workmanship or materials and/or settling. Such bond shall be in a minimum amount equal to or greater than twenty-five percent of the cost of constructing the pavement involved, but in no event less than one thousand dollars ($1,000), and shall run for a period of three years after completion of such installation, construction, repair and/or street opening.
(b) In the case of newly laid pavement, including an original installation in new subdivisions, any firm, partnership, corporation, individual or other person who has installed or constructed any pavement is hereby required to post with the City a bond to the satisfaction of the City Engineer, guaranteeing against defects in workmanship or materials and/or settling. Such bond shall be in a minimum amount equal to or greater than twenty-five percent of the cost of constructing the pavement involved, but in no event less than one thousand dollars ($1,000), and shall run for a period of three years after acceptance of the work by the City. In the case of pavement in a new subdivision, such bond shall be conditioned upon acceptance of the respective plat and streets and the issuance of building permits therefor by the City.
(c) Any bond required under this section shall be issued by a company authorized to write insurance in this State. Such bond shall warrant that the principal shall maintain and keep in repair the paving improvement and shall designate the City as the insured therein, by the terms of which the City is saved harmless from any and all claims due to settling and/or defects in workmanship or materials. The monetary values and lengths of time of such bond, as set forth above, shall be deemed the minimum acceptable requirements and may, for just cause, be increased or the time extended at the discretion of the Director of Public Service or the City Engineer, respectively.
(Ord. 209-78. Passed 9-18-78.)