§ 21-18. Applicant's bond.

(a)

If the issuance of a permit under this article is authorized, the same shall not be issued until the applicant files with the city secretary a bond, executed by the permittee as principal and by a good and sufficient corporate surety company licensed to do business in the State of Texas as surety, and whose name appears on the current list published by the United States Treasury Department of accepted sureties on federal bonds, conditioned that the principal obligor will drill and operate the well in strict accordance with the terms of this chapter, and that the principle will remedy any and all damages to streets, curbs, gutters, waterlines, fire hydrants and other public property, occasioned in any manner by his drilling of the well. Such bond shall inure to the benefit of the city, shall be in a form to comply herewith, and shall be in the amount of two hundred fifty thousand dollars ($250,000.00), and shall be approved by the city attorney.

(b)

The city council in its consideration of the application may require such additional bonds as it deems necessary to protect and preserve the welfare of the city.

(c)

Failure to keep the bond or bonds in full force and effect, in accordance with the terms hereof, shall cause a revocation of the permit and shall be unlawful.

(Ord. No. 716, § 1(Exh. "A"), 2-12-96)