The building official shall cause to be made and filed a permanent record of each transaction of the building department covered by this code of building regulations.
(A) Where the permittee desires occupancy or utilities energized before the final inspection can be completed, and the building official determines that all fire protection systems are operational and no unreasonable hazard to life or property exists, he may deposit with the building official security in the amount of the building official's estimate of the cost of completion of the work and the department's overhead costs involved in processing and administration. The term "security" as used in this section means one or more of the following:
1. A bond by one or more duly authorized corporate sureties; or
2. A cash deposit made with the City; or
3. An instrument of credit from one or more financial institutions subject to regulation by the state or federal government pledging that the funds necessary to meet the performance are on deposit and guaranteed for payment and agreeing that the funds designated by the instrument shall become trust funds for the purposes set forth in the instrument; or
4. Negotiable U.S. treasury certificates of a kind approved by law for security deposits of public money.
The security sum is to be refunded to the permittee upon completion, and may be released to the depositor in two (2) payments during the progress of the work if the deposit exceeds one thousand dollars ($1,000.00) and the same ratio of security is maintained on deposit for all uncompleted work. Such special permit shall be granted for a specific time period mutually agreed upon, after which if the project remains uncompleted, the building official may declare the permit void, forfeit and utilize the security deposit to gain compliance under provisions of this title. (Ord. 696-02, 10-1-2002; amd. Ord. 840-21, 5-4-2021)