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At the option of the applicant, the security provided may either:

A. Cover only the work for which the permit is required, in the amount of 150 percent of the estimated cost of the work initially, and 25 percent during the guarantee period; or

B. Be an annual bond or equivalent, covering all work conducted by one person or company within the city during any calendar year, in the amount of $5,000, and $1,250 for guarantee periods only. [Ord. 9157 § 6, 1983].