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(A) Surety Bond Required: Unless this part is waived in the permit and prior to the issuance of a permit, the applicant must file with the city engineer a bond equal to the cost plus twenty percent (20%) of the work required to be done in order to comply with all the terms and conditions of such permit as established by the city engineer.
(B) Cash In Lieu Of Surety Bond: In lieu of a surety bond required by subsection (A) of this section, the applicant may deposit cash in the amount named in subsection (A) of this section to secure the performance of the terms and conditions of the permit and the compliance with the provisions of this chapter.
(C) Annual Bond: As an alternative to the requirements of subsection (A) of this section, the applicant may, upon approval of the city engineer, annually file with the city engineer a bond equal to the estimated costs plus twenty percent (20%) of the work required to be done in order to comply with all of the terms and conditions of permits issued during the year and this chapter.
(D) Bond For Continuing Use: An applicant for a permit for a use or encroachment which is to continue or remain within, under, or upon the right of way of a public highway beyond the time authorized for construction or installation, shall file with the clerk a cash deposit or surety bond equal to the cost plus twenty percent (20%) in making the right of way safe and convenient for travel to the general public.
(E) Additional Bond Or Cash Deposit: The city engineer may require an additional bond or cash deposit required by subsections (A) through (D) of this section at any time when in his opinion the amount of the bond or cash deposit previously made is insufficient.
(F) Requirements Of Bond Provisions: The aforesaid bonds shall be executed by the applicant or contractor doing work as principal and by a surety company authorized to do business in this state as a surety. The bond shall name the city as obligee and shall be conditioned as follows:
1. That each and all of the terms and conditions of the permit shall be fully performed and complied with to the satisfaction of the city engineer;
2. That each and all of the provisions of this chapter are complied with.
An extension of time for performance of work may be granted by the city engineer, but no such extension of time shall be valid unless written and no such extension shall release any surety company upon any bond.
(G) Bond Payable To The City: Any bond or cash deposit required by the city engineer pursuant to this chapter shall be payable to the city. Upon satisfactory completion of all work authorized in the permit according to the terms of the permit and this chapter, the bond or cash deposit shall be released. In the event of noncompliance, the city may deduct from the cash deposit the actual cost to the city plus twenty percent (20%) of work done by the city pursuant to subsection 8-3-2(I) of this chapter before returning the deposit to the depositor. In the event of a bond having been posted, the city may proceed against the surety and principal for the actual cost to the city plus twenty percent (20%) of work done by the city pursuant to subsection 8-3-2(I) of this chapter.
(H) Exclusions: Cash deposits or bonds will not be required of any public utility or public agency which is authorized by law to establish or maintain any works or facilities in, under, or over any public street or right of way. (Ord. 994, 5-26-1970)