Article 4 — BONDS

Unless this provision is waived in the permit, before a permit is effective, the permittee shall deposit with the City Engineer, or agent authorized by resolution of the Council, cash or a certified or cashier's check, in a sum to be fixed by the City Engineer as sufficient to reimburse the city for costs of restoring the right-of-way or watercourse to its former condition, based on the schedules, if any, adopted by resolution of the Council; provided, however, the permittee may file a cash deposit on an annual basis in a sum estimated by the City Engineer as sufficient to cover the activities of the permittee during any 12 month period.

('66 Code, § 7-2.401) (Ord. 41-C-S, passed 2-7-68)

In lieu of the cash deposit prescribed by § 7-2.401 of this article, the permittee may, upon approval by the City Engineer, file a cash deposit in the minimum sum established by the schedule, if any, adopted by the Council and in effect at the time of the application for a permit, and the balance of the sum fixed by the City Engineer as sufficient to reimburse the city expenses incurred in restoring the right-of-way or watercourse to its former condition may be filed in the form of an approved surety bond issued by a company authorized to do a general surety business in the state.

('66 Code, § 7-2.402) (Ord. 41-C-S, passed 2-7-68)

In lieu of a cash deposit, the permittee may, upon approval of the City Engineer, annually file with the City Clerk an approved surety bond, issued by a company authorized to do a general surety business in the state, in a sum fixed by the City Engineer as sufficient to reimburse the city for expenses to be incurred in restoring the right-of-way or watercourse to its former condition, subject to the schedules, if any, adopted by resolution of the Council.

('66 Code, § 7-2.403) (Ord. 41-C-S, passed 2-7-68)

An applicant for a permit for a use or encroachment which is to continue or remain within, under, or upon a watercourse or right-of-way of a public highway beyond the time authorized for construction or installation shall file with the City Clerk a cash deposit or surety bond, issued by a company authorized to do a general surety business in the state, in a penal sum to be fixed by the City Engineer as sufficient to reimburse the city for all expenses incurred by the city in making the watercourse available for flow of storm water or in making the right-of-way safe and convenient for the travel of the general public, subject to the schedules, if any, adopted by resolution of the Council and in effect at the time of the application for a permit.

('66 Code, § 7-2.404) (Ord. 41-C-S, passed 2-7-68)

The City Engineer may require an additional bond or cash deposit at any time when, in his opinion, the amount of the bond or cash deposit previously made is insufficient, subject to the schedules, if any, adopted for that purpose by the Council and in effect at the time of the application for a permit.

('66 Code, § 7-2.405) (Ord. 41-C-S, passed 2-7-68)

The condition of any bond or cash deposit made pursuant to the provisions of this article shall be that the permittee shall diligently and with good faith comply with the provisions of this chapter and the terms and conditions of the permit.

('66 Code, § 7-2.406) (Ord. 41-C-S, passed 2-7-68)

Any bond or cash deposit required pursuant to the provisions of this chapter shall be payable to the city. Upon satisfactory completion of all work authorized in the permit and fulfillment of all conditions of the permit the bond or cash deposit shall be released.

('66 Code, § 7-2.407) (Ord. 41-C-S, passed 2-7-68)

Cash deposits or bonds shall not be required of any public utility or public agency which is authorized by law to establish or maintain any works or facilities in, under, or over any public street or right- of-way.

('66 Code, § 7-2.408) (Ord. 41-C-S, passed 2-7-68)