A. A grantee performing work in the rights-of-way must provide a performance bond written by a corporate surety acceptable to the city equal to at least one hundred twenty-five percent of the estimated cost of completing or removing the facilities and restoring the rights-of-way or city property to its preconstruction condition. The city planner may, at his/her discretion, waive the bonding requirement for specific projects. This bond may be placed for the entirety of the grantee’s projects; provided, that grantee is able to quantify the full estimated cost of its deployment of telecommunications facilities. If a grantee provides a bond on a per-project basis, such grantee is permitted to increase the bond for future projects, or if a project is complete, grantee may apply the bond to other projects in the rights-of-way. The purpose of this bond is to guarantee completion or removal of partially completed or nonconforming telecommunications facilities, and to fully restore the rights-of-way and city property to their preconstruction condition.

B. If required by the city, a grantee shall furnish a two-year warranty bond, or other surety acceptable to the city, upon the completion of grantee’s construction work, including any restoration work, within the rights-of-way. The warranty bond amount will be equal to one hundred twenty-five percent of the documented final cost of the construction and restoration work.

C. The performance bond shall guarantee, to the satisfaction of the city: