§ 42-121. Bond requirements.

(a)

Prior to the issuance of a permit, the applicant shall deposit with the City a certified check or such form of other security assuring satisfactory completion in an amount and form as shall be determined by the Corporation Counsel. The amount of the security shall be established separately for each permit so that the City shall be protected against loss in the event of the failure of the permit holder to complete the work or make required repairs or restoration of damages involving the work or encroachment authorized by the permit. A cash bond may be required by the tree warden to cover any trees or shrubs in the construction area. The amount of the security shall be determined by the Director of Permit Coordination, with the approval of the Director of Finance on the basis of the cost required to make proper restorations or repairs. This bonding requirement may be waived by the Superintendent of Highways when the cost of restoration does not exceed one hundred dollars ($100.00) and when the applicant is the owner-occupant of a residence located adjacent to the work to be performed and when said applicant guarantees performance of the work. Immediately upon approval of an application for permit the Superintendent of Highways shall advise the applicant as to the amount of the security required and as to the applicability of the provisions of section 42-76.

(b)

An annual blanket surety bond, acceptable to the Director of the Department of Public Works or his designee, may be deposited to avoid the inconvenience and expense of obtaining individual bonds for each permit requested.

(c)

The security, as referenced in subsection (a) of this section shall be released to the permit holder two (2) calendar years after the completion of the permanent restoration or repairs, provided said restoration or repairs has been satisfactorily completed by the applicant. If further restoration or repairs are necessary, the security will be held for an additional one-year period from the date the applicant makes those repairs.

(Code 1961, § 17-55; Ord. No. 245, § 6, 8-7-1979; Ord. No. 284, 6-1-1982; Ord. No. 385, 2-6-1990)