A. Grantees performing work in the public ways or City property must provide a performance bond written by a corporate surety acceptable to the City equal to at least 150% of the estimated cost of completing or removing the Grantee’s Telecommunications facilities and restoring the public ways or City property to its pre-construction condition. The Public Works Director may, at his/her discretion, waive the bonding requirement for specific projects. This bond may be placed for the entirety of the Grantee’s projects provided that Grantee is able to quantify the full estimated cost of its deployment of Telecommunications facilities. If Grantee provides a bond on a per project basis, Grantee is permitted to increase the bond for future projects, or if a project is complete, Grantee may apply the bond to other projects in the public ways. The purpose of this bond is to guarantee completion or removal of partially completed or nonconforming Telecommunications facilities and to fully restore the public ways, other ways and City property to their pre-construction condition.

B. If required by the City, Grantee shall furnish a one (1) year warranty bond, or other surety acceptable to the City, upon the completion of Grantee’s construction work, including any restoration work, within the public ways. The warranty bond amount will be equal to ten percent (10%) of the documented final cost of the construction and restoration work. (Ord. 2965 § 2 (part), 2019: Ord. 2925 § 2 (part), 2018: Ord. 2175 § 1 (part), 2003).