132.20(A) Prior to performing any major
work
, the
may require the
to establish in the
’s favor a construction bond to secure the of the
and to ensure the
’s faithful performance of the Construction or other work
, in accordance with applicable sections of the
. Notwithstanding the foregoing, a construction bond hereunder shalt only be required to the extent that the cost of the exceeds the amount recoverable against the security fund as provided in § 132.21.
132.20(B) In the event a
subject to such a
bond fails to complete the work in accordance with the provisions of the permit and this Chapter, there shall be recoverable, jointly and severally from the principal and surety of the bond, any damages or loss suffered by the
as a result, including the full amount of any compensation, indemnification or cost of removal or
of any property of the
, or the cost of completing the work, plus a reasonable allowance for attorneys’ fees, up to the full amount of the bond.
132.20(C) No less than 12 months after completion of the
and satisfaction of all obligations in accordance with the bond, the
may request the
to remove the requirement to continue the construction bond and the
shall release the bond within ten calendar days. Notwithstanding, the
may require a new bond for any subsequent work performed
.
132.20(D) The construction bond shall be issued by a surety having a minimum rating of A-1 in Best’s Key Rating Guide, Property/Casualty Edition; shall be subject to the approval of the
; and shall provide that:
“Unless released by the
, this bond may not be canceled, or allowed to lapse, until 60 calendar days after receipt by the
, by certified mail, return receipt requested, of a written notice from the issuer of the bond of intent to cancel or not to renew.”
132.20(E) The rights reserved by the
with respect to any
bond established pursuant to this Section are in addition to all other rights and remedies the
may have under this Section, or at
or equity, and no action, proceeding or exercise of a right with respect to the construction bond will affect any other right the
may have.
(Ord. 2010-23, passed 10-4-2010)