§ 13.04.100. Financial security and warranty guarantee.

A.

For improvements, other than minor installations or maintenance work, the public works/water utilities director may require financial security equivalent to the cost of restoration of all public and private infrastructure the applicant may disturb. The cost of restoration may include, without limitation, removal of defective materials, recompaction of subgrade and base material, and construction of surface improvements. The term of the financial security shall run coincident with the permit, and shall extend for a one year warranty period after completion of the applicant's work. At the request of the public works director, the applicant shall extend the financial security and warranty period. Such financial security shall be in the form of:

1.

Cash deposit with the city; or

2.

Irrevocable letter of credit from a Colorado financial institution, in a form acceptable to the city attorney.

B.

Should the applicant fail to complete any warranty work in a timely manner, upon giving the applicant ten calendar days written notice the city may perform the work at the applicant's expense. If the costs of the warranty work performed by the city exceed the amount of the financial security, the applicant will be liable for the additional costs. If there is a dispute as to the amount owed, the applicant may provide financial security to the city to fully secure such payment until resolution of any appeal under this chapter.

(Code 1981, § 8-4-5(6.00); Code 1993, § 13.04.100; Ord. No. O-80-66, § 1; Ord. No. O-97-28, § 11; Ord. No. O-2007-44, § 15)