§ 104-13. Construction bond.

(a)

Prior to issuing a permit where the work under the permit will require restoration of public rights-of-way, a city may require a construction bond to secure proper performance under the requirements of any permits and the restoration of the public rights-of-way. Twelve months after the completion of the restoration in public rights-of-way in accordance with the bond, the registrant may eliminate the bond. However, the city may subsequently require a new bond for any subsequent work in the public rights-of-way. The construction bond shall be issued by a surety having a rating reasonably acceptable to the city; shall be subject to the approval of the city's risk manager; and shall provide that: "For twelve (12) months after issuance of this bond, this bond may not be canceled, or allowed to lapse, until sixty (60) days after receipt by the City, by certified mail, return receipt requested, of a written notice from the issuer of the bond of intent to cancel or not to renew." Notwithstanding the foregoing, a construction bond will not be required if the cost of restoration is less than the amount of the security fund filed by registrant under city Code section 104-14.

(b)

The rights reserved by the city with respect to any construction bond established pursuant to this section are in addition to all other rights and remedies the city may have under this article, or at law or equity.

(c)

The rights reserved to the city under this section are in addition to all other rights of the city, whether reserved in this article, or authorized by other law, and no action, proceeding or exercise of a right with respect to the construction bond will affect any other right the city may have.

(Ord. No. 2001-3306, § 1, 5-16-01; Ord. No. 2015-3924, § 1, 2-11-15)