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A. Prior to commencement of any activities approved under a master permit, the permittee must establish a permanent security fund with the city by depositing the amount of $50,000, or such greater amount as deemed necessary by the Council, with the city in cash, an unconditional letter of credit, or other instrument acceptable to the city, which fund must be maintained at the sole expense of the permittee so long as any of the permittee’s utility or wireless facilities are located within the public right-of-way of the city.

B. The fund must serve as security for the full and complete performance of the terms and conditions of this chapter and master permit, including any costs, expenses, damages, or loss the city pays or incurs, including civil penalties, because of any failure attributable to the permittee to comply with the codes, ordinances, rules, regulations, or permits of the city.

C. The fund may be used to repair the public right-of-way, return it to its original condition, or to complete a project within the right-of-way if the permittee ceases work midway through construction, or abandons its facility(ies) and appurtenances thereto.

D. Before any sums are withdrawn from the security fund, the city must give written notice to the permittee:

1. Describing the act, default or failure to be remedied, or the damages, costs or expenses which the city has incurred by reason of the permittee’s act or default;

2. Providing a reasonable opportunity for the permittee to first remedy the existing or ongoing default or failure, if applicable;

3. Providing a reasonable opportunity for the permittee to pay any monies due the city before the city withdraws the amount thereof from the security fund, if applicable; and

4. That the permittee will be given an opportunity to review the act, default or failure described in the notice with the city or his or her designee.

E. Permittees are required to replenish the security fund within 14 days after written notice from the city that there is a deficiency in the amount of the fund.

F. Upon permittee’s removal of all facilities from the right-of-way and expiration of the agreement, permits and/or licenses, the city must refund the balance remaining in this fund, including any accrued interest, within 14 days. (Ord. 3039 § 2, 2019)