§ 96-7. Bond requirements.

A. 

No permit shall be issued under this chapter unless and until the applicant has deposited with the Director a bond, in a form prescribed by him, duly executed and acknowledged by the applicant as principal and by a qualified surety satisfactory to the Director. Such bond shall be in an amount determined by the Director adequate to protect the City against loss in the event of the failure of the applicant to do or complete the work or remove any encroachment as and when required or make the repairs, restorations and cleanup as and when required, but in no event less than $2,000. The amount of the bond shall be established separately for each permit and shall remain in effect for a period of two years after completion of all permanent repairs carried out by the permittee. The bond shall run to the City and shall be conditioned upon faithful and proper restoration; and faithful and proper care, maintenance, repair or replacement of all permanent repairs for a period of two years after completion of installation, all in accordance with the terms of the permit and the provisions of this chapter. For permits in which only pavement restoration is required, the bond shall be in an amount determined by the Director adequate to protect the City against loss in the event of the failure of the applicant to do or maintain the temporary pavement until such time as permanent repairs can be completed by the City, but in no event less than $1,000. The amount of the bond shall be established separately for each permit and shall remain in effect for a period of one year from the date of completion of the temporary repair. The Director shall notify the permittee, in writing, upon completion of the permanent repair.

B. 

An applicant or proposed applicant may deposit with the Director a blanket performance, maintenance and payment bond in an amount determined by the Director adequate to properly protect the City but not less than the amount of $50,000. Said bond shall be in a form acceptable to the Director and meet the requirements set forth above and shall cover all permits issued to said applicant within a twelve-month period.

C. 

The Director may accept, at his discretion, with the approval of the Corporation Counsel, in lieu of said surety bond, an alternative form of security meeting said requirements and providing good and sufficient security to the City.

D. 

A public utility or taxing district need not deposit a bond in those instances where it shall have filed a timely statement of solvency acceptable to the Secretary of State pursuant to the Connecticut General Statutes, as amended or in a form, which is otherwise acceptable to the Director.