Sec. 40-112. - Bond to be furnished by applicant.
Each applicant for a street oiling permit must furnish, on forms to be provided by the director, a bond executed by the contractor who is to perform the street oiling and by one corporate surety, which surety shall be a corporation qualified and licensed by the board of insurance commissioners of the state, in the amount of $10,000.00, which bond shall provide and be conditioned that the principal and surety will be primarily liable for its negligent and wrongful acts and will further indemnify and save harmless the city and its officers from any and all demands, claims, or liability, regardless of by whom claimed, arising out of or in any manner incident to the doing of any work pursuant to or under the terms of any permit issued, during the coverage period of the bond, and assumes all liability for any and all acts relating to the performance of the oiling of any street. A single recovery shall not exhaust such bond, but the same shall remain in full force and effect until the whole amount thereof has been recovered, or until the bond has terminated in accordance with the following provision. Such bond shall terminate at midnight on December thirty-first of the same year in which it shall have been executed; provided, that such termination shall not discharge or release the principal obligor and the surety from the payment of claims and the liability therefor based upon breach of the conditions of the bond occurring prior to the termination thereof. Each such bond shall be accompanied by an appropriate power of attorney evidencing the authority of the issuing agent or attorney to execute the bond for the corporate surety.
(Code 1968, § 41-112; Ord. No. 90-635, § 114, 5-23-90)
