16.50.140 General deposit.
(1) An application hereunder shall be accompanied by a cash deposit or corporate surety performance bond in the sum of $5,000, conditioned upon the permittee, within 90 days from the date of the issuance of such permit:
(a) Completing the construction, painting and finishing of the exterior of the building; and
(b) Faithfully complying with all requirements of this chapter, the building code, and the other ordinances then in effect within the City, including but not limited to permittee completing such work within 90 days from the date of the issuance of such permit.
(2) In the event the provisions hereof are not complied with within the time specified, the sum of $5,000 shall be forfeited to the City as a penalty for the default, and this shall be in addition to any other penalties provided for failure to comply with the terms of this chapter. [Ord. 4515 § 2, 2021; Ord. 1810 § 14, 1976; Code 1970 § 16.28.140.]