All performance bonds for work in public ways shall satisfy the minimum standards established in the city’s engineering design and construction standards as adopted in Chapter 12.04 ACC. Unless otherwise provided in a permit, franchise, or lease agreement, a performance bond written by a corporate surety acceptable to the city equal to at least 125 percent of the estimated cost of removing the permittee’s, franchisee’s, or lessee’s equipment and facilities and restoring the public ways and/or city-owned property to its substantially equivalent preconstruction condition shall be deposited before any construction is commenced. Said bond shall be required to remain in full force until 60 days after completion of the construction and/or improvements within the public ways or upon city-owned property as determined by the city engineer, and shall warrant all such restoration work for a period of one year by reduction to an amount approved by the city engineer in the approximate amount of 10 percent of the original value of the performance bond during the period of warranty. The purpose of this bond is to guarantee removal of partially completed work and/or nonconforming facilities, to fully restore the public ways and city-owned property to its substantially equivalent preconstruction condition, and/or to cover unexpected deterioration of pavement structures precipitated by the permittee’s, franchisee’s, or lessee’s work, and any other permitting requirements established in the permit as required by the city engineer. (Ord. 6797 § 1 (Exh. A), 2020; Ord. 5042 § 1 (Exh. C), 1998.)