Pursuant to Section 1339.11, where an earth disturbance activity necessitates protection, relocation or modification of a water, sanitary sewer or storm sewer line or watercourse; or where an earth disturbance activity would create an actual or potential hazard to the public, the City Engineer shall not approve the application for the permit until the owner or person in control posts financial security with a bonding or lending institution of his choice, provided such institution is authorized to conduct business in the State of Ohio (either a Federal or State chartered lending institution). The acceptable types of financial security are as follows:
(a) Performance bond or Corporate bond with an acceptable surety, and of form satisfactory to the City; or
(b) Certified check payable to the City.
Financial security in an amount approved by the City Engineer equal to one hundred percent (100%) of the cost of replacement of the water, sanitary sewer or storm sewer line or watercourse; or restoration of the affected land, shall be posted by the owner or person in control. Additional bond in an amount approved by the City Engineer to secure the structural integrity of such facilities or restoration for a term not to exceed five years from the date of acceptance and approval by the City Engineer shall be required. The amount of such bond shall not exceed ten percent (10%) of the actual cost of replacement or restoration.
(Ord. 2011-69. Passed 9-13-11.)