§ 2-28-47. Bonding.

(a)

Prior to the issuance of a permit pursuant to this article, the applicant shall deposit with the county, at the discretion of the director, a surety bond or an irrevocable letter of credit in an amount as shall be determined by the director. The amount of the surety bond shall be established separately for each permit so that the county will be protected against loss in the event of the failure of the permit holder to complete the work or make required repairs or restoration of damages involving the work or encroachment authorized by the permits. Such performance security shall comply with all statutory requirements and shall be satisfactory to the director as to form and manner of execution. If a surety bond is posted, it shall be substantially in conformance with Appendix B [to Ordinance No. 97-22].

(b)

The performance security shall be released to the permittee upon the expiration of the guarantee period. The guarantee period shall be for a period of two (2) years following the completion of any repair or restoration work. During the guarantee period, the permittee shall be responsible for maintaining any repair or restoration work.

(c)

An annual blanket surety bond, in an amount established by the director, may be deposited to avoid the inconvenience and expense of obtaining individual bonds for each permit requested.

(d)

If the surety or banking establishment on any bond or letter of credit furnished by the permittee is declared bankrupt or becomes insolvent or its right to do business is terminated in the State of Florida, the permittee shall, within five (5) working days thereafter, substitute another bond or letter of credit and surety, both of which must be acceptable to the director.

(Ord. No. 97-22, § 7, 1-7-97)