A grantee shall, prior to construction and within thirty days of the execution of a license or franchise, file with the City Clerk a letter of credit or cash deposit in a reasonable amount set by the terms of the license or franchise based upon the construction cost of the lines to be installed upon, over, across, or under the roads, bridges, streets, rights-of-way or easements in the City. The grantee and the City Engineer may make arrangements for the periodic release of the cash deposit or letter of credit in proportionate amounts as progress is made.
(Ord. 99-07. Passed 3-2-99.)