(a) Required Bond. Upon issuance of a Certificate of Registration, and prior to the
commencement of any Construction, and continuously thereafter, a Provider shall deposit with the Director of Public Service and maintain an irrevocable, unconditional letter of credit or surety bond in an amount determined by the Director of Public Service to be appropriate based upon fair and reasonable criteria. The full amount of the letter of credit or surety bond shall remain in full force and effect throughout the terms and conditions of this chapter and/or until any necessary site restoration is completed to restore the site to a condition comparable or better to that which existed prior to the issuance of Certificate of Registration. Unless a Construction default, problem, or deficiency involves an Emergency or endangers the safety of the general public, the Director of Public Service shall make all reasonable efforts to allow a Provider a period offive (5) calendar days after sending notification in writing to correct or repair any default, problem or deficiency prior to Director of Public Service' attachment of the letter of credit or surety bond. Upon attachment, written notice shall be provided to the Provider by the Director of Public Service.
(b) Purposes.
(1) The letter of credit or surety bond required by this section shall serve as security for:
A. The faithful performance by the Permittee or Provider of all terms, conditions and obligations of this chapter; and
B. Any expenditure, damage, or loss incurred by the City occasioned by the Permittee or Provider's violation of this chapter or its failure to comply with all rules, regulations, orders, Permits and other directives of the City issued pursuant to this chapter; and
C. The payment of all compensation due to the City, including Permit Fees; and
D. The payment of premiums (if any) for the liability insurance required pursuant to this chapter; and
E. The removal of Facilities from the Rights-of-Way pursuant to this chapter; and
F. The payment to the City of any amounts for which the Permittee or Provider is liable that are not paid by its insurance or other surety; and
G. The payment of any other amounts which become due to the City pursuant to this chapter or law.
(Ord. 53-2018. Passed 6-28-18; Ord. 86-2021. Passed 9-23-21.)