A cash deposit may be in the form of a special deposit for each permit or in the form of a general deposit to be maintained as security for all the permits issued to an applicant. If an applicant maintains a general cash deposit, it shall be with the understanding that he or she will pay all bills sent him or her by the city engineer for work covered by Division I and Chapters
12.36 and
12.40 of this title.
(Prior code § 7104.32)
In lieu of a general cash deposit, the city engineer may accept
from an applicant other types of security, as specified below:
A. Surety Bond. The city engineer may accept a surety bond in a sum of not less than one thousand dollars on a form supplied by the city engineer and executed by a corporation incorporated for the purpose of making, guaranteeing or becoming a surety upon bonds complying with Section 1056 of the
Code of Civil Procedure. It shall guarantee the payment of all fees and other charges required by Division I and Chapters
12.36 and
12.40 of this title which may become due because of any permits issued during the life of the surety bond.
B. Savings
and Loan Association Shares. The city engineer may accept the assignment
of savings and loan certificates or shares.
C. Insurance.
As security on moving permits only, the city engineer may accept a
certificate of insurance and endorsement on the standard forms provided
by the city engineer. Such certificate and endorsement shall show
that an insurance policy of not less than ten thousand dollars has
been issued to the applicant and is in full force and effect, and
in which policy the insurer directly agrees to reimburse the city
for all sums due it from the permittee for damage to street facilities.
D. Additional
Securities. The city engineer may require any type of security that
has, in his or her opinion, become insufficient for protection of
the public interest, to be increased to such an amount as he or she
has determined will be sufficient to protect the public interest.
He or she may require special deposits or other security.
(Prior code § 7104.33)