(A) The application for an excavation permit under §§ 93.050 et seq. to perform excavation work under §§ 93.030 et seq., 93.050 et seq., 93.070 et seq., 93.090 et seq., and 93.105 et seq. shall be accompanied with a cash deposit made to the Street Superintendent for deposit with the City Clerk/Treasurer. The cash deposit is to be based upon the value of the surface to be disturbed, whether it be paved or not, with the value to include the cost of labor. The value shall be determined by resolution of the City Commission, from time to time, as it may see fit. No deposit shall be less than the amount established according to resolution. Any deposit made under this section shall serve as security for the repair and performance of work necessary to put the street in as good a condition as it was prior to the excavation, if the permittee fails to make the necessary repairs or to complete the proper refilling of the opening and the excavation work under the excavation permit.
(B) Upon the permittee’s completion of the work covered by the permit issued under §§ 93.050 et seq., in conformance with §§ 93.030 et seq., 93.050 et seq., 93.070 et seq., 93.090 et seq., and 93.105 et seq., as determined by the Street Superintendent, 2/3 of the cash deposit shall be promptly refunded by the city to the permittee. The balance shall be retained by the city for the 24-month period following the completion during which the city may use any or all of the deposit to pay the cost of any work the city performs to restore or maintain the street as provided in §§ 93.030 et seq., 93.050 et seq., 93.070 et seq., 93.090 et seq., and 93.105 et seq., in the event the permittee fails to perform the work. In that event, the amount refunded to the permittee at the end of the 24-month period shall be reduced by the amount expended by the city.
(1981 Code, § 24-64)