A. Unless otherwise provided in a permit, a financial assurance acceptable to the City Manager or Designee equal to at least 110% of the estimated cost of reconstructing the impacted public facilities within the public rights-of-way shall be approved by the City before construction is commenced.

B. The financial assurance shall remain in force until sixty (60) days after substantial completion of the work including restoration of public rights-of-way and other property affected by the construction or for the period stated in the special conditions on a permit.

C. The financial assurance shall guarantee, to the satisfaction of the City Manager or Designee:

D. Additional financial assurance acceptable to the City Manager or Designee for the greater of $500 or 10% of the estimated cost of reconstructing the impacted public facilities within the public rights-of-way shall be secured prior to acceptance of the work by the City. This warranty assurance shall be in effect for a period of two years from the date of acceptance. Repairs required within the warranty period shall be guaranteed by a separate warranty bond for two years from the date of completion of such repair. The City Manager or Designee may require an additional financial assurance for any repairs done pursuant to the warranty obligation.

E. Any financial assurance as required by the City may be applicable to multiple projects in an amount and form satisfactory to the City Manager or designee.

F. The City Manager or Designee may waive any financial assurance required if the applicant has demonstrated a history of quality restoration of the public right-of-way.