§ 24-155. Bond required.

Before any permit under this article may be issued, the applicant must post a bond payable to the city or a certified check available to the city in an amount equal to one hundred fifty (150) percent of the estimated construction cost as submitted by the engineer of record and approved by the city engineer. Such bond or check shall be utilized to repair any damage caused by applicant or its subcontractors or agents or any lack of sufficient or adequate resurfacing and/or restoration. The amount necessary to repair any damage or complete any inadequate resurfacing shall be determined by the city engineer or his designee. Any surplus shall be returned upon final inspection by the city engineer or his designee. Any bond provided under this section must be issued by a surety company licensed to do business in the State of Mississippi.

Bonding for organizations or companies that operate under a franchise right or agreement with the city shall be governed by their franchise agreements, to the extent covered or governed therein, but these organizations are still subject to all other applicable requirements of this article.

(Ord. of 10-21-14(1))