The contractor or applicant shall have on file with the City a surety bond or cash bond in a minimum amount of $5,000.00 for restoration of areas within the right-of-way and on utility easements. This bond shall be a minimum as determined by the City and may be of greater value depending on the scope of the project, as determined by the City. The bond shall be held for 180 days after date of completion, or a length of time as determined by the City.