§ 60-344. Bonds and insurance.  


Latest version.
  • (a)

    In all cases where the estimated cost of the project authorized under section 60-341 shall exceed $300.00, the director of water services shall require the property owner or his agent to furnish a surety bond, otherwise known as performance bond, equal to the estimated cost of the work. The bond shall guarantee satisfactory performance and completion of the work to the satisfaction of the director of water services, within a time limit specified on such special permit; also, at this time, the permittee shall furnish a surety bond, otherwise known as a maintenance bond, equal to the estimated cost of the work, conditioned that the improvements shall be constructed of such materials and in such manner that the improvement shall endure, without need of repair, for one year after the final inspection of construction and acceptance of construction by the director of water services.

    (b)

    The director of water services shall also require the permittee to file a bond conditioned to protect and save harmless the city from all claims for damage or injury or death, to other persons and property, by reason of such construction work, or in lieu of such bond the permittee may file with the city a public liability insurance policy with the city being named as the insured, indemnifying the city for such claims for damage or injury, the amount and sureties of the bond or insurance to be approved by the director of finance.

    (c)

    All bonds or insurance forms are to be filed with the director of finance at the time the permit is issued.

(Ord. No. 120551, § 1, 6-28-12)