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(a) Each annual permit applicant shall submit and maintain with the Department a bond, cash deposit, or other security acceptable to the Department securing the faithful performance of the obligations of the annual permittee under any permit(s) for mobile storage containers and the compliance with all terms and conditions of this Section (the "deposit"). The deposit shall be in the sum of $30,000 in favor of the "Department of Public Works, City and County of San Francisco."
(b) An annual permittee may request the Department to deduct the individual location permit fees from a single deposit. After approving such request, the Department will automatically deduct said permit fees so long as a constant balance of $25,000 is maintained on file with the Department. If the permittee elects to renew his or her annual permit and the permittee's deposit exceeds $30,000, the Department shall refund the excess to the permittee unless the permittee requests that the excess be applied to a new annual permit or other charges pursuant to Sections 726 et seq. If the permittee elects to terminate his or her permit at any time during the annual permit term or if the permittee fails to renew his or her annual permit, the Department shall refund the deposit less any outstanding obligation owed to the Department pursuant to Sections 726 et seq.
(Added by Ord. 170-03, File No. 021726, App. 7/3/2003)