§ 5-25. Bonds required and project acceptance.

(a)

Bond required. The permit applicant shall may be required to supply a construction performance and maintenance bond, letter of credit, cash deposit or other financial assurance acceptable to the city in order to provide assurance that all work conducted in city right-of-way will be properly completed in accordance with the approved permit. This will include reconstruction, restoration and repair. Utility companies having an existing franchise agreement with the City of Oakland Park are exempt from this requirement.

(b)

Bond provisions.

(1)

The amount of a construction performance and/or maintenance bond, when required, shall be determined by the public works department. Bond amounts shall be based upon the work to be permitted including right-of-way restoration and any changes to the permitted work resulting in a cost increase.

(2)

Performance and/or maintenance bonds may be posted in the form of cash, certified checks, letters of credit or surety bonds. Such bonds shall be irrevocable and shall indemnify the City of Oakland Park against costs of restoring or maintaining the public right-of-way due to or arising from failure of the permittee to properly complete the work, to pay fully for labor, material or equipment supplied for the project, or for a failure in the right-of-way related to the permitted installation, for a period of one (1) year after permitted work is complete and accepted by the public works department. The bond or letter of credit form must be acceptable to the City of Oakland Park.

(3)

A surety, bank or issuer shall notify the City and the applicant in writing within thirty (30) days in the event of bankruptcy, insolvency or liquidation. Applicant shall immediately provide a substitute security in the amount and form acceptable to the City within thirty (30) days of the event of bankruptcy, insolvency or liquidation.

(c)

Project acceptance. The project will be accepted by the city when all of the following conditions have been complied with as determined by the public works department:

(1)

Completion of all work according to approved plans and specifications with certification by the engineer of record. Final approvals from all governmental agencies having jurisdiction, including the city.

(2)

Submission of four (4) complete sets of signed and sealed "as-built" plans and one (1) set of reproducible sepias; franchised public utilities and the city may be exempt.

(3)

Submission of video tapes of improvements if required by the public works department.

(4)

Conveyance of all necessary easements and submission of a bill of sale.

(5)

Provision of one-year warranty to the city on all improvements dedicated to the city upon substantial completion of the project as determined by the public works department. However, if the improvements are not accepted by the city commission within sixty (60) days from the date of substantial completion, the warranty period shall commence from the date of acceptance by the public works department.

(6)

Provision of a warranty bond or adequate alternate on all improvements accepted by the city in an amount equal to not less than twenty-five (25) percent of the actual construction costs for the one-year warranty period.

(Ord. No. O-93-14, § 7, 10-6-93; Ord. No. O-1999-005, § 5, 5-19-99)