The Building Official shall not issue a relocation permit, subject to terms and conditions, until the applicant posts or deposits security with the Building Official. The security shall be in the form of a surety bond, a cash deposit, an instrument of credit or negotiable bonds. If a surety bond is furnished, it shall be executed by the applicant, as principal, and by a surety company authorized to do business in this state, as surety. The surety bond shall be joint and several in form and shall name the city as obligee. The security furnished by the applicant, regardless of the form of the security, shall be in an amount equal to the estimated cost, plus 10% of the work required to be done in order to comply with all of the terms and conditions of the permit, the estimate to be made by the Building Official.
(1995 Code, § 4.32.070)