§ 12.12.022. Performance deposit.

Latest version.

Each applicant shall submit and maintain with Public Works a bond, cash deposit, or other security acceptable to Public Works securing the faithful performance of the obligations of the owner and its agent under any permit to excavate and comply with all terms and conditions of this chapter. The bond or deposit shall be in the sum of $25,000.00 or as determined by the Director of Public Works, his or her designee. Each deposit or bond shall be retained by the City for a period of three years after the satisfactory completion of the excavation.

Utility and other frequent applicants may submit a single deposit for multiple excavations so long as a constant balance of $25,000.00 is maintained on file with the Director of Public Works. Major utility companies or contractors performing work for utility companies are exempt from bond deposit. To meet the provisions of this section, Director of Public Works may require contractors or utility companies to submit proof of bonding.

(Ord. No. 13300, § 1, 3-31-15)

                    
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