A. Except as noted in this chapter, each applicant, before being issued a permit, shall provide the city with an acceptable corporate surety bond, irrevocable letter of credit, or cash escrow bond as determined appropriate by the city engineer in the minimum amount of five thousand dollars ($5,000.00) or one hundred ten percent (110%) of the city engineer's estimate on the project to guarantee faithful performance of the work authorized by a permit granted pursuant to this chapter. The amount of the bond required may be increased or decreased at the discretion of the city engineer whenever it appears that the amount and cost of the work to be performed, and not satisfactorily completed, may vary from the amount of bond otherwise required under this chapter. The form of the bond and the entity issuing the bond shall be subject to the approval of the city attorney. (Ord. 98-14, 6-9-1998; amd. 2003 Code)
B. Public utilities franchised by the city shall not be required to file a corporate surety bond if such requirement is expressly waived in the franchise documents.
C. The bond required by this section shall be conditioned as follows:
1. Compliance: The permittee shall fully comply with the requirements of the city ordinances and regulations, specifications and standards promulgated by the city relative to work in the public way, and respond to the city in damages for failure to conform therewith;
2. Completion Of Work: After work is commenced, the permittee shall proceed with diligence and expedition and shall promptly complete such work and restore the public way to construction specifications, so as not to obstruct the public place or travel thereon more than is reasonably necessary;
3. Guarantee: The permittee shall guarantee the materials and workmanship for a period of two (2) years from completion of such work, with reasonable wear and tear excepted;
4. Restoration Of Excavations: Unless authorized by the city engineer on the permit, all paving, resurfacing or replacement of street facilities on major or collector streets shall be done in conformance with the regulations contained herein within three (3) calendar days, and within seven (7) calendar days from the time the excavation commences on all other streets, except as provided for during excavation in winter or during weather conditions which do not allow paving according to engineering regulations. In winter, a temporary patch must be provided. In all excavations, restoration or pavement surfaces shall be made immediately after backfilling is completed or concrete is cured. If work is expected to exceed the above duration, the permittee shall submit a detailed construction schedule for approval. The schedule will address means and methods to minimize traffic disruption and complete the construction as soon as reasonably possible; (Ord. 98-14, 6-9-1998)
5. Type: The bond shall be in the form of cash or an irrevocable letter of credit; but the ten percent (10%) warranty portion of the bond shall be in the form of cash, or its equivalent; and
6. Terms Of Expiration: The bond, by its terms, shall not expire until the city engineer has certified in writing that the promised performance is completed. If the bond will expire prior to the completion of the bonded work, the city engineer is authorized to declare the bond in default and have the bond converted to a cash bond to be held by the city. (Ord. 2004-4, 1-20-2004)