§ 57.12. CONSTRUCTION BOND.

(A)

Prior to issuing a permit where the work under the permit will require restoration of Public Rights-of-Way, the City may require a construction bond to secure the restoration of the Public Rights-of-Way. Notwithstanding the foregoing, a construction bond hereunder may only be required to the extent that the cost of the restoration exceeds the amount recoverable against the security fund as provided in Section 57.13. Twelve (12) 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 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."

(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 Chapter, 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 Chapter, 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. 50-01, § 1, passed 9/19/01)