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 the receipt by the permittee of a certificate of final inspection from the Manager. If the permittee anticipates requesting more than one permit per year as required by this chapter, he may furnish one continuing corporate surety bond to guarantee faithful performance in such amount as the Manager deems necessary. The amount of such bond shall be in relation to the cost of restoring pavement cuts to be made by the permittee throughout the year. In the case of a public utility company, its corporate bond in a form satisfactory to the Solicitor may be accepted in lieu of the corporate surety bond required by this section.
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 Manager 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 Manager. If the permittee anticipates requesting more than one permit a year, he may file a continuing corporate surety bond conditioned for compliance with the specifications of the municipality and the provisions of this chapter in such amount as the Manager deems necessary. The amount of such bond shall be in relation to the cost of restoring pavement cuts to be made by the permittee throughout the year. In the case of a public utility company, its corporate bond in a form satisfactory to the Solicitor may be accepted in lieu of the corporate surety bond required by this section.
Whenever the Manager shall find 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 Manager 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.