A performance bond or letter of credit is required to guarantee the work is completed as specified in the approved public right-of-way permit and to provide funds to repair and restore any damage to other facilities within the right-of-way caused by applicant's work subject to the provisions below:
(A) The applicant shall execute and file a surety acceptable to the city prior to commencement of any work sought under a public right-of-way permit application. The performance bond or letter of credit guarantee period shall be for the period of time required to complete the work, including all restoration activities, pursuant to the application.
(B) The performance bond or letter of credit shall be provided in the greater amount of the following: $50,000 or in an amount equal to 110% of the construction estimate of the cost of completion of all improvements and restoration as set forth in the public right-of-way permit application.
(C) If the city expends funds to temporarily or permanently repair, re-construct, restore, clean up or otherwise complete an applicant's work required under this chapter and permit, the city may undertake reimbursement of those funds through the performance bond or letter of credit. Likewise, if the city expends funds to temporarily or permanently repair, reconstruct or otherwise restore existing facilities located within the right-of-way that have been partially or wholly damaged as a direct or indirect result of the applicant's work or actions conducted within the right-of-way, the city may undertake reimbursement of those funds through the performance bond or letter of credit.
(D) Any residential or non-residential property owner working in the right-of-way adjacent to their parcel is not required to obtain a performance bond or letter of credit.
(Ord. 10-3322, passed 6-17-10) Penalty, see § 53.99