A. Work may not be commenced under a street obstruction permit until the director of public works is satisfied that it is covered by an adequate surety bond or other security sufficient to ensure that if the work is not done properly or the existing street improvements are damaged, sufficient funds will be available to cure the deficiencies.
B. A cash deposit, made to the city’s finance director and held in the city’s guaranty fund, or an assignment of an account in a local bank, or a similar security acceptable to the city attorney, may be used in lieu of a surety bond.
C. Security required by this section shall guarantee that:
1. City property or paving broken up by the work will be restored in a satisfactory manner;
2. The work shall be prosecuted to completion promptly, in accordance with good engineering practice, and in compliance with the law and standard specifications; and
3. For a period of one year after completion of the work, the person conducting it shall remedy any defect in materials or workmanship affecting city property. [Ord. 10132, 1990; Ord. 9157 § 5, 1983].