The City Engineer is hereby authorized to require security in an amount to be established from time to time by City Council resolution, for the repair of damage to City streets which may occur as the result of use by vehicles traveling to and from construction sites within the City. Such security shall be in the form of cash, a corporate surety bond, or in such other form as may be approved by the City Engineer for any construction project involving the issuance of a building permit indicating a construction cost in excess of $25,000.00, or for any other construction project where the City Engineer has reasonable cause to believe that vehicles will be used which have a gross weight on any one axle in excess of 3,000 pounds. Such security shall be posted prior to commencement of construction by the owner or lessee of the construction site, or by such other person or entity for whose benefit such construction is undertaken. Upon the completion of any such construction work, and after giving reasonable notice and opportunity to be heard, the City Engineer shall determine the amount and location of any street damage resulting from vehicles attending the construction site. The decision of the City Engineer shall be final. The person posting such security with the City shall repair such damage within a period of 60 days after completion of construction. In the event such damage is not completed within such time to the satisfaction of the City Engineer, the City Engineer is authorized to complete the repairs and collect the cost thereof from the posted security. The security required hereunder shall be in addition to any other security (such as security for completion of frontage improvements) which may lawfully be required in connection with the construction site.