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 receipt by the permittee of a certificate of final inspection from the Department of Public Works. If the permittee anticipates requesting more than one permit per year as required by this chapter, the Code Enforcement Officer, in his/her discretion, may require on continuing corporate surety bond to guarantee faithful performance in the amount of $50,000.
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 Code Enforcement Officer 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 Department of Public Works. If the permittee anticipates requesting more than one permit a year, the Code Enforcement Officer, in his/her discretion, may require a filing of a continuing corporate surety bond in the amount of $50,000, conditioned for compliance with the specifications of the municipality and the provisions of this chapter.
Whenever the Code Enforcement Officer and/or Department of Public Works finds 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 Code Enforcement Officer and/or Department of Public Works 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.