(B) The amount of such cashier’s check or surety bond shall be determined by the criteria as follows:
(1) The amount of the required bond for a boring or jacking permit shall be as follows:
(a) Two-inch or less bore: $750.00.
(b) More than a two-inch up to a four-inch: $1,000.00.
(c) Larger than a four-inch: $1,500.00.
(2) The amount for an open cut shall be determined by the total square surface yards of the open cut, then multiplied by the current fees for open cuts as set forth in the Municipal Code, and then multiplied by 300%.
(3) In the case of sidewalks and curb and gutter, or other public way, the amount for an open cut shall be determined by the total square surface yards of the open cut then multiplied by the current fees for open cuts as set forth in the Municipal Code.
(4) No fees or bonds shall be required for those projects which are borne by the city.
(5) Standing bond.
(a) For a jacking or boring standing bond the amount of the bond shall be a minimum of $3,000.00.
(b) For a combined (jacking or boring, open cut) standing bond, the amount of the bond shall be a minimum of $10,000.00.
(c) In the event that the permit holder shall fail, refuse or neglect to make such repair or shall fail, refuse or neglect to remove and replace any rejected work as provided in this chapter, the city may make such repair or cause such repair to be made and deduct the cost thereof from the amount on the deposit with the city, and the balance of the deposit, if any, shall be paid to the permit holder, and such standing bond shall be revoked. The permit holder shall not be allowed to submit a standing bond with the City of Tontitown for a period of at least three years.
(Ord. 2009-11-347, passed 11-3-09; Am. Ord. 2010-06-356, passed 6-1-10; Am. Ord. 2018-11-816, passed 11-6-18; Am. Ord. 2022-05-991, passed 5-3-22)