(a) Existing Wells. A bond in the form required by this section shall be filed with the City Manager for each existing well within thirty days following the effective date of this article and be kept in full force and effect as provided in the various provisions of this article.
(b) Bond Forms. Bonds shall be on a form approved by the City Attorney and shall be submitted to the City Manager.
(c) Single Bonds. Corporate bonds in the penal sum of ten thousand dollars ($10,000) shall be executed by the operator as principal and by an authorized surety company and conditioned that the principal named in the bond shall faithfully comply with all provisions of this article in maintaining all surface production facilities as required by this article and specified on the bond form. The bond shall remain in effect for a period one hundred twenty days after proper abandonment as set forth in Section 725.13 through 725.15.
(d) Blanket Bonds. In cases where the City Manager is satisfied as to the financial responsibility of an operator, he may permit the operator, in lieu of filing a single bond for each well, to file a bond in the amount of twenty-five thousand dollars ($25,000) to cover all his surface operations within the boundaries of the City. A rider to the bond shall be filed with the City Manager, showing the correct name or number of the well and such other information as may be necessary to readily identify the well for each well covered by the bond.
(Passed 11-20-81)