§ 118-130. Bond; insurance.

(a)

Insurance. No sign permit shall be issued until a certificate of insurance evidencing at least the following coverage is filed:

Commercial general liability insurance with an aggregate of $500,000.00 and a per occurrence limit of $250,000.00.

(b)

Insurance policy requirements. Such insurance shall be written by an insurance carrier licensed to do business in this state and shall provide that coverages afforded under the policy will not be canceled, suspended, voided or reduced until at least 30 days' prior written notice has been endeavored to be given to the city via certified mail, return receipt requested.

(c)

Removal bond. Each person applying for an operating permit for an off-premises sign shall furnish a bond with a surety licensed to do business in the state in the amount of $25,000.00, in a form determined by the city attorney, or post a deposit in such amount, as a guaranty of compliance with this chapter and other applicable laws, including the removal of signs when required. One removal bond shall be required for each operating permit issued. The city may draw against this bond to recover its cost of removing a sign as allowed by this chapter.

(Code 1967, § 25½-5(M), (N); Ord. No. 3593, § 1, 4-14-83; Ord. No. 3705, § 1, 10-27-83; Ord. No. 4123, § 2, 4-11-85; Ord. No. 5360, § 1, 9-14-89; Ord. No. 5493, §§ 1, 2, 3-8-90; Ord. No. 7215, § 1, 1-26-95; Ord. No. 7746, §§ 1, 2, 7-11-96; Ord. No. 8193, § 1, 2-12-98; Ord. No. 8708, § 6, 9-23-99)