(A) Before an excavation permit is issued, the applicant may be required to deposit with the Administrative Authority a surety bond, or other acceptable security, in an amount equal to 100% of the estimated cost of the work, or such other amount as may be necessary as determined by the Administrative Authority, payable to the Agency. The surety bond, or other acceptable security, shall be conditioned upon the permittee's securing and holding the Agency and its officers and employees harmless from and against any and all claims, judgments, other costs arising from the excavation and other work covered by the excavation permit or for which the Administrative Authority or any officer or employee of the Administrative Authority may be made liable by reason of any accident or injury resulting from the negligence of the permittee. In lieu of a surety bond, letters of credit or other forms of security may be accepted when approved by the Administrative Authority.
(B) Public utilities regulated by the State Public Utilities Commission, persons or utilities holding a franchise from the Agency, Agency departments and other governmental agencies, may be relieved of the obligation of submitting such a bond by the Administrative Authority.
('65 Code, § 7-3.05) (Ord. 349-C.S., passed - - )