If the issuance of a license is authorized, the same shall not be issued until the applicant files with the Finance Director a bond executed by the licensee as principal and by a good and sufficient corporate surety company licensed to do business in the State as surety and whose name appears on the current list published by the United States Treasury Department of accepted sureties on Federal bonds, conditioned that the principal obligor will drill and operate such well in strict accordance with the provisions of this chapter and that the principal will remedy any and all damages to streets, curbs, gutters, water lines, fire hydrants and other public property, occasioned in any manner by his drilling of such well. Such bond shall inure to the benefit of the City, shall be in a form to comply with this section, shall be in the amount of twenty thousand dollars ($20,000) and shall be approved by the Law Director. A licensee shall not be required to post additional bond if he has approved bonds on file with the City as required by this section totaling forty thousand dollars ($40,000).
Failure to keep such bond in full force and effect, in accordance with the provisions of this section shall cause a revocation of the license and shall be unlawful and punishable in accordance with the provisions of this chapter.
(Ord. 120-77. Passed 11-22-77.)
(Ord. 120-77. Passed 11-22-77.)