§ 14-11-103. SECURITY REQUIRED.

(A)

The director may not issue a permit under this article unless an applicant furnishes proof of fiscal security in accordance with the requirements of this section.

(B)

Fiscal security must be in the form of a surety bond, letter of credit, or cash deposit in the amount of $10,000, unless a different form or amount is prescribed by the Utilities Criteria Manual or Transportation Criteria Manual.

(C)

A surety bond must be issued by an insurance company licensed to operate in the State of Texas and with an agent or attorney in the City for service of process and contain an endorsement that no cancellation or restriction of the bond is effective unless the director receives advance written notice, by certified mail, return receipt requested, of the cancellation or restriction.

(D)

The permit holder must agree to remove equipment from the right-of-way.

(E)

The permit holder must agree to perform and the fiscal security must cover the permit holder's performance of restoration activities, including:

(1)

removal of equipment and facilities from the public right-of-way;

(2)

replacement and restoration of disturbed or damaged sidewalks, pavement, and other public property and public utilities;

(3)

construction and removal of protective railing and other safeguards during the permit holder's occupancy of the right-of-way; and

(4)

any restoration or facility removal necessary to restore the right-of-way to its original condition in the event the permit holder abandons its permitted activity.

(F)

The director may not require additional security of a City franchise if the franchise agreement authorizes installation of facilities in the right-of-way and requires the franchisee to furnish fiscal security meeting or exceeding the requirements of this section.

(G)

A permit holder who damages the City in an amount exceeding the amount of the security required by this section shall be liable to the City for actual damages in excess of the security provided.

Source: Ord. No. 20170817-045 , Pt. 2, 8-17-17.