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Unless otherwise provided in a permit, franchise or lease agreement, a performance bond written by a corporate surety acceptable to the City and equal to at least 100 percent of the estimated cost of constructing the grantee’s communications facilities within the public ways of the City or upon City property, shall be deposited before construction is commenced.

(1) The construction bond shall remain in force until 60 days after substantial completion of the work, as determined by the City Engineer, including restoration of public ways and City property affected by the construction;

(2) The construction bond shall guarantee, to the satisfaction of the City:

(a) Timely completion of construction;

(b) Construction in compliance with applicable plans, permits, technical codes and standards;

(c) Proper location of the facilities as specified by the City;

(d) Restoration of the public ways and other property affected by the construction;

(e) The submission of as-built drawings after completion of the work; and

(f) Timely payment and satisfaction of all claims, demands or liens for labor, material or services provided in connection with the work. [Ord. 3287 § 1, 1998; Code 1970 § 15.70.310.]