A performance bond written by a corporate surety acceptable to the City Engineer equal to at least 150 percent of the estimated cost of removing the permittee’s facilities and restoring the public right-of-way to their preconstruction condition must be deposited before the construction permit is issued. Said bond is required to remain in full force until 60 days after completion of the construction and/or improvements within the public right-of-way, and must warrant all such restoration work for a period of two years following completion and/or termination of the construction. Those permittees performing annual work within the rights-of-way may provide an annual performance bond, in an amount approved by the City Engineer, at the beginning of each year to cover all excavations. The purpose of this bond is to guarantee the removal of partially completed and/or nonconforming facilities and to fully restore the public right-of-way to the preconstruction condition. The City Engineer may use the funds from the performance bond to complete removal and fully restore the public right-of-way to its preconstruction condition if the permittee fails to do so. (Ord. 3039 § 2, 2019)