The applicant shall deposit with the City one thousand dollars ($1,000) cash or a certified check in the same amount to indemnify the City against expenses or damages incurred itself or by its residents and property owners as a result of the building moving operation. Such deposit shall be held for a period of sixty days after completion of the moving which is deemed to be when the building is placed on the foundation. At the expiration of such sixty-day period, if no such expenses or damages are claimed, or having been claimed, have been satisfactorily adjusted by the applicant, such deposit will be returned to the applicant. If claims of damages are still being made at the end of such period, the City may, at its option:
(a) Apply so much of the deposit as may be necessary to satisfy such claim and refund the balance;
(b) Retain, subject to a decision of a court or of the parties involved, an amount necessary to satisfy such claim and refund the balance, or
(c) If the report of a claim has been acknowledged by the insurance company providing coverage for the applicant, then the deposit may be refunded.
(Ord. 88-69. Passed 9-23-69.)