(a) Either the owner of the project or the contractor performing the work on such project shall post sufficient bond to assure that the terms and conditions of this chapter shall be met, and that the Right-of-Way shall be properly restored in the form of a surety or maintenance bond, escrow account, irrevocable letter of credit, or a cash deposit.
(b) Any person may post an annual bond, in a form described in subsection (a) above, in the amount of fifty thousand dollars ($50,000) in lieu of bonds for individual projects. The City reserves the right to require a bond in a greater amount if the restoration of the right-of-way could exceed fifty thousand dollars ($50,000).
(c) Maintenance of work performed in the Rights-of-Way, performed under a Revocable Street Privilege Permit issued in accordance with this chapter, shall remain the responsibility of the permit holder for a period of one (1) year from the date of final inspection, except that period shall be two (2) years for permits issued for pavement cuts or borings under the pavement. A sufficient maintenance bond, in an amount determined by the City Engineer, shall be kept during this period. When applicable, the City may utilize all or a portion of the bond required in subsection (b) above for the maintenance bond.
(Ord. 08-22. Passed 7-3-08.)