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.