The Mayor, or his or her representative, may require as a condition precedent to the issuance of the permit that a bond be executed by the applicants with corporate or other acceptable surety. In the event that a bond is required, it shall be made payable to the city in an amount which the Mayor or his or her representative shall deem necessary. It shall indemnify the city and any property owners against any damages or expenses incurred by them by reason of the project. Damages shall also be payable to the city from the surety bond for failure to comply strictly with the terms of the permit. Failure to complete the excavation within the time limitations shall result in liquidated damages in an amount to be determined by the Mayor not exceeding $50 for each and every day's delay in completing the excavation. No bond shall be released prior to the completion of the project for which the permit was requested.
(Ord. 69-1978, passed 4-10-78; Am. Ord. 448-2005, passed 3-31-05)