All performance deposits shall be a guaranteed security acceptable to the Administrative Authority.
(A) Special deposits. Any required special deposit made in accordance with the adopted rate schedule shall be submitted with the application for an excavation permit to the Administrative Authority.
(B) Annual deposits. In lieu of a special deposit, any person intending to make openings, cuts or excavations in public places may make and maintain, with the Administrative Authority, an annual deposit.
(C) Purpose of deposits. Any special or annual deposit shall serve as security to insure the performance of work necessary to put the public place in at least as good condition as it was prior to the excavation in the event the permittee fails to make the necessary repairs or to complete the work in accordance with the terms and provisions of the excavation permit.
(D) Round or reduction of special deposits. Upon the permittee's completion of the work covered by such permit as determined by the Administrative Authority, two-thirds of such unencumbered special deposit shall be promptly refunded by the Agency to the permittee, and the balance shall be authorized for release by the Agency to the permittee upon the expiration of a 24-month period.
(E) Refund or reduction of annual deposits.
(1) Two-thirds of any annual deposit shall be refunded by the Agency at the end of the one-year period for which the deposit is made or the satisfactory completion of all excavation work undertaken during such period, whichever is later, and the balance of the annual deposit shall be released at the expiration of a 24-month period following the completion of such excavation work.
(2) Such deposits may be used to pay the cost of any work the Administrative Authority performs to restore or maintain the public place in the event the permittee fails to perform such work, in which event the amount released to the permittee shall be reduced by the amount thus expended.
(F) Exceptions from deposits. Where excavations are made by persons or utilities operating under a franchise issued by the Agency or regulated by the State Public Utilities Commission or utilities operated by governmental agencies, a permit may be granted without making such deposit. In such cases, the permittee shall be liable for the actual cost of any work required to be done by the Administrative Authority in restoring the area to at least as good condition as it was before such work was done. The Administrative Authority may, in the future, require such deposit from any such permittee if a bill rendered in accordance with this section becomes delinquent.
('65 Code, § 7-3.06) (Ord. 349-C.S., passed - - )