In those instances where the applicant or permittee has received
or intends to apply for permission to perform the work of restoration
of the street surface, each such applicant or permittee, upon receipt
of a permit shall provide the municipality with an acceptable corporate
surety bond to guarantee faithful performance of the work authorized
by a permit granted pursuant to this chapter. The amount of the bond
shall be 100% of the estimated cost of restoring the street opening.
The term of the bond shall begin upon the date of posting thereof
and shall terminate upon the receipt by the permittee of a certificate
of final inspection from the Manager. If the permittee anticipates
requesting more than one permit per year as required by this chapter,
he may furnish one continuing corporate surety bond to guarantee faithful
performance in such amount as the Manager deems necessary. The amount
of such bond shall be in relation to the cost of restoring pavement
cuts to be made by the permittee throughout the year. In the case
of a public utility company, its corporate bond in a form satisfactory
to the Solicitor may be accepted in lieu of the corporate surety bond
required by this section.
Each applicant, upon the receipt of a permit, shall provide
the municipality with an acceptable corporate surety bond conditioned
for compliance with the street opening specifications of the municipality
and the provisions of this chapter. The Manager shall determine the
amount of the bond, and it shall be in relation to the cost of restoring
the pavement cut to be made by the permittee; provided, however, that
the minimum amount of the bond shall not be less than $2,000. The
term of each such bond shall begin from the completion date of the
permanent restoration of the opening by the municipality and shall
terminate upon the receipt by the permittee of a certificate of final
inspection from the Manager. If the permittee anticipates requesting
more than one permit a year, he may file a continuing corporate surety
bond conditioned for compliance with the specifications of the municipality
and the provisions of this chapter in such amount as the Manager deems
necessary. The amount of such bond shall be in relation to the cost
of restoring pavement cuts to be made by the permittee throughout
the year. In the case of a public utility company, its corporate bond
in a form satisfactory to the Solicitor may be accepted in lieu of
the corporate surety bond required by this section.
Whenever the Manager shall find that a default has occurred
in the performance of any term or condition of the permit, written
notice thereof shall be given to the principal and to the surety on
the bond. Such notice shall state the work to be done, the estimated
cost thereof, and the period of time deemed by the Manager to be reasonably
necessary for the completion of such work.
After receipt of such notice, the surety must, within the time
therein specified, either cause the required work to be performed,
or, failing therein, indemnify the municipality for the cost of doing
the work as set forth in the notice.