Sec. 711.412 - Construction Bond for Right-of-Way Restoration.

(a) Prior to issuing a Permit where the work under the permit will require restoration of City Rights-of-Way, the City may require a construction bond to secure the restoration of the City's postconstruction Rights-of-Way to the preconstruction condition. Six months after the completion of the construction of the Communications Facility and satisfaction of all obligations in accordance with the bond, the bond may be eliminated, and the City shall consent to the elimination where necessary (however, the City may subsequently require a new bond for any subsequent work in the City's Rights-of-Way). The construction bond shall be issued by a surety having a minimum rating of an A.M. Best A-VII rating or better and duly authorized to do business in Florida; shall be in a form acceptable and subject to the approval of the Director; and shall provide that: "This bond may not be canceled, or allowed to lapse, until 60 days after receipt by the City, by certified mail, return receipt requested, of a written notice from the issuer of the bond of intent to cancel or not to renew or upon the sooner receipt of direction to release from the City." The City shall accept a letter of credit or similar financial instrument issued by any financial institution that is authorized to do business within the United States, provided that a claim against the financial instrument may be made by electronic means, including by facsimile. (b) The rights reserved to the City under this Section are in addition to all other rights of the City, whether reserved in this Chapter, or authorized by other law, and no action, proceeding or exercise of a right with respect to the construction bond will affect any other right the City may have. Any proceeds recovered under the construction bond may be used to reimburse the City for such additional expenses as may be incurred by the City as a result of the failure of Registrant to comply with the responsibilities imposed by this Section, including, but not limited to, attorney's fees and costs of any action or proceeding. (Ord. 2017-863-E , § 4; Ord. 2019-770-E , § 4)