§ 2-28-34. Bonding.

(a)

Prior to the issuance of a permit pursuant to this article, the applicant shall post with the county, a surety bond in an amount as shall be determined by the right-of-way manager, so as to protect the county against loss in the event of failure of the permittee to complete the work or make required repairs or restoration. The bond amount will normally be determined based on a licensed engineer's or contractor's estimate of the market value of the work to be performed and the materials to be installed, and copies of such estimates shall be provided to the county by the applicant. Except as set forth in subsection (c) below, a separate bond will be required for each permit issued. The content, form and manner of execution of each such bond is subject to the approval of the right-of-way manager. The county may, in its discretion, promulgate a standard form of acceptable bond.

(b)

The bond shall be released to the permittee upon the expiration of the guarantee period. The guarantee period shall be for two (2) years following completion of the initial installation. The release of the bond shall not relieve the permittee of its perpetual maintenance and upkeep obligations as set forth in this article.

(c)

For those applicants who routinely perform work in county rights-of-way, an annual blanket surety bond, in an amount to be negotiated by the applicant and the right-of-way manager, may be posted to avoid the inconvenience and expense of obtaining individual bonds for each permit application.

(d)

On all bonds posted pursuant to this section, the surety shall be rated A or better by Best's Key Guide, latest edition. If the surety on any bond furnished is declared bankrupt or becomes insolvent or its right to do business in the State of Florida is terminated, the permittee shall, within five (5) days thereafter, substitute another bond and surety, both of which must be acceptable to the right-of-way manager.

(e)

In lieu of the bond required by this section, an applicant may deposit with the county an alternative form of security in the form of cash, a money order, a certified check, a cashier's check or an irrevocable letter of credit. Any such alternative form of security shall be for the same purpose and be subject to the same conditions as those applicable to the bond required by this section. The determination of the appropriateness of and the value of an alternative form of security shall be made by the right-of-way manager.

(Ord. No. 17-21 , § 3, 3-7-17; Ord. No. 17-48 , § 3, 11-7-17)