Boonville Assets, performance guarantee or insurance required ordinance (§ 20-23)

The applicant for the permit under this article shall supply the city administrator with satisfactory evidence that he has sufficient assets, or insurance to indemnify the city for any costs, losses, or liabilities that it may incur by reason of such excavation, and to satisfy any judgments or liabilities arising out of the excavation. In addition, the city administrator, to insure proper and timely construction, may require the individual to provide a performance bond or deposit with the city, a certified check or cash of United States currency equal to the estimated cost to insure the proper completion of the construction activity.