A. No permit shall be issued under this chapter until and unless the applicant therefor has filed with the city an acceptable corporate surety permit bond in a sum not less than ten thousand dollars ($10,000.00), or as established by the public works director, conditioned upon the permittee’s full compliance with the requirements of city ordinances, the city standards and specifications for design and construction, and any conditions of the permit issued hereunder.

B. In addition to the permit bond, the permittee shall file with the city a performance bond in the sum of one hundred percent (100%) of the cost of the work to be performed under the permit, guaranteeing the faithful performance of the work authorized by the permit.

C. The bonds required hereunder shall have as surety a corporation licensed to do business in the state as a surety company.

D. Prior to the issuance of any permit hereunder, the applicant shall, in addition to the bonds set forth above, furnish to the city a certificate of insurance showing the city as an additional insured and evidencing that the applicant has comprehensive general liability and property damage coverage with minimum limits, as established by resolution of the city council, insuring against property damage and personal injury, including accidental death.

E. The type of bond or amount of bond may be increased or decreased in the discretion of the public works encroachment officer based upon variances in the cost of the work to be performed and the amount of other required bonds hereunder. (Ord. 2007-01-005, 1-18-2007)