The applicant shall provide a $100,000.00 cash bond to the city,
the purpose of which is to protect the city from any damages to city-owned
land, buildings, or structures, including, but not limited to, any
traffic signs/markers, roads, bridges, drainage facilities, rights-of-way,
water lines, sanitary sewer and storm sewer facilities owned by the
city, occurring or in any way incident to, arising out of, or in connection
with the applicant's operations. In the event the city, at its sole
and exclusive option, determines that any repairs to the building,
road, bridge, drainage facility, right-of-way, water line, sanitary
sewer or storm sewer facility, or other city property are required,
the city shall make such repairs, or shall cause same to be made,
and deduct the cost thereof from the cash bond amount without further
notice to the applicant, and upon expiration of one (1) year from
the effective date of any permit hereunder the city shall refund any
balance of the cash bond to the applicant, upon written application
for same. The city shall invest such cash bond in a similar manner
to other funds of the city and any interest earned thereon shall accrue
to the benefit of the applicant. Should the costs to repair or replace
damaged property exceed the amount of the cash bond, the applicant
shall reimburse the city for such costs within thirty (30) days of
the receipt of invoice.