Each applicant for an encroachment permit shall be required to deposit a security with the city, in the form of a security bond, cash deposit, savings and loan certificate, or letter of credit in an amount determined by the Public Works Director to be 100% of the estimated cost of the work to be performed under the encroachment permit. The security shall guarantee:
(A) The faithful performance of all terms and conditions of the permit; and
(B) That for a period of one year after completion the public street shall be free from defect.
(Ord. 2008-002, passed 3-10-08) Penalty, see § 95.99