Sec. 645-545. - Bond.
(a) Each applicant for a permit required by this division shall file with his or her application a public liability bond in the minimum sum of five thousand dollars ($5,000.00) for injury to one (1) person, fifty thousand dollars ($50,000.00) for injuries to more than one (1) person, and two thousand dollars ($2,000.00) for damage to property, with surety to be approved by the division of construction and business services of the department of business and neighborhood services.
(b) The surety on the bond required by subsection (a), if a natural person, shall own property in the aggregate value, over and above all encumbrances thereon, of twice the sum fixed in the bond.
(c) The bond shall be duly executed and shall be conditioned upon the agreement that the person to whom the permit is issued and his or her heirs, personal representatives, successors or assigns will save and keep the city free and harmless from any and all loss, damage, claims, demands, judgments and expenses arising from or out of the granting or use of such permit, or the construction or use of the space, structure, bridge, tunnel, vault, coalhole, trapdoor, stairway, elevator or other opening therein, or of any other structure or use maintained in connection therewith, and that the permittee will at all times maintain the public way or place, including the sidewalk over any such space or opening, as the case may be, and all structures built by him, in such condition that the public way or place and such structures at all times during the construction or repairs, or after any of the things aforesaid are completed, or such space is so used, will be maintained by him or her in good condition and repair and safe for public traffic and use; conditioned further for the prompt vacation and removal of any of the things so constructed and used, as authorized by the permit, and the restoration of such sidewalk and street, upon thirty (30) days' notice from the division of construction and business services, whenever in the opinion of the division and unless otherwise inhibited by statute, it shall be necessary or advisable to have the use or any portion thereof vacated or removed in order to conserve the public safety or welfare, or to provide for the use of the space or any portion thereof for any public purpose, or for the use of any public utilities, or because of the construction of railway lines, wires or tracks, or of a subway or elevated structure for transportation purposes either on, under, over or adjacent to the public way or public place in which any privately used space or structure is located, or for the purpose of constructing, reconstructing, moving, erecting or maintaining any sewer, drain, conduit, pipe, tube, pole, wire, structure or other similar use because of the construction of such a subway, or elevated structure, or for any public use or any other public utility purposes; and conditioned further that the bond will be renewed and kept in full effect, with an approved surety, and a certificate of such fact kept on file with the division of construction and business services, so long as any private uses and structures are continued, and for the faithful performance and observance of all the terms and conditions of the permit and bond and of the various sections of this division and all other provisions of this Code and state law relating thereto.
(d) The bond required by subsection (a), if and when placed of record in the office of the county recorder, or respecting any person with actual notice thereof, shall constitute a covenant running with the land, and it shall be deemed and construed to include all the aforesaid conditions, regardless of their inclusion in or omission from the text of any such bond.
(e) Whenever the division of construction and business services determines that the sureties on any bond given pursuant to this section have become insufficient and so notifies the holder of the permit or his or her successor, a new bond for the permit shall be filed, or new sureties substituted, to be approved by the division. Unless so filed within the time fixed by the division, the permit shall be revoked and all uses and rights thereunder shall be terminated.
(Code 1975, § 28-226; G.O. 15, 2001, § 113; G.O. 3, 2002, § 32; G.O. 63, 2009, § 75; G.O. 41, 2016, § 2)