(a) Required. A permit will not be issued for excavations or fills of more than fifty (50) cubic yards until the permittee posts with the office of the City Engineer a bond or cash deposit to insure compliance with the provisions of this chapter and all conditions imposed on behalf of the City. (The bond or cash deposit shall be executed by the owner and a corporate surety authorized to do business in the State as surety in an amount sufficient to cover the cost of the project in accordance with the provisions of subsection (f) of this section, including the corrective work necessary to remove and eliminate geological hazards.) All bonds shall be executed on forms obtainable at the office of the City Engineer.
(b) Cash bonds. In lieu of a surety bond, the applicant may file a cash bond with the City Engineer upon the same terms and conditions and in an amount equal to that which would be required in the surety bond. The cash bond may be in the form of cash or negotiable United States securities.
(c) Application of bonds to adjacent property. Where grading is required on property adjacent to the grading site under permit to complete a project satisfactorily, the owner of such adjacent property need not provide an additional grading bond if the original is of sufficient amount to include such additional grading.
(d) Conditions of bonds. Every bond required by the provisions of this chapter shall be conditioned that the permittee shall:
(1) Comply with all of the provisions of this chapter and all other applicable laws and ordinances;
(2) Comply with all of the terms and conditions of the permit for excavation and fill to the satisfaction of the City Engineer;
(3) Complete all of the work described by the permit, and the plans and specifications relative thereto, within the time limit specified in the permit. Upon an application by the permittee, the City Engineer may, for sufficient cause, extend the time specified in the permit, but no such extension shall release any surety upon the bond; and
(4) Install temporary erosion control devices when required to do so by the provisions of this chapter.
(e) Period and termination of bonds or cash deposits. The term of each bond shall begin upon the date of filing and shall remain in effect until the completion of the work to the satisfaction of the City Engineer, plus an additional period of one year. In the event of failure to complete the work or of failure to comply with any of the conditions and terms of the permit, the City Engineer may order the work to be completed as required by the permit. The surety executing such bond or such deposit shall continue to be firmly bound under a continuing obligation for the payment of all necessary costs and expenses which may be incurred or expended by the City in causing any and all of such required work to be completed and accomplished, and such surety or the depositor shall assent to any lawful extensions of time within which to construct and complete such work. In the case of a cash deposit, such deposit or any unused portion thereof shall be refunded to the permittee.
The City Engineer may release, reduce, or exonerate the bond or cash deposit under appropriate conditions when the public health and welfare is not jeopardized.
(f) Amount of bond. The amount of the bond shall be based upon the estimated cost of the work, plus twenty-five (25%) percent. The estimated cost shall be established on the basis of the number of cubic yards of material in either excavations or fills (whichever is the greater amount) at the rate per yard as set forth in the fee schedule adopted by Council resolution.
(§ 2, Ord. 156-NS, eff. August 27, 1970, as amended by § I, Ord. 534-NS, eff. June 19, 1975, and § II, Ord. 778-NS, eff. June 11, 1981)