§ 4-3.07.1. Owner's Completion Bond or Savings and Loan Certificate and Share.

Prior to the issuance of a permit to move a building, the owner or lessee of the property upon which the building is to be located shall file with the Chief Building Officials a corporate surety bond, conditioned as follows: That all of the work required to be done to complete the relocation, alteration and reconstruction of the building pursuant to the conditions of the said permit shall be fully performed and completed within a reasonable time to be specified by the Chief Building Official in the permit. Such bond shall be in principal amount equal to the estimated cost of the work proposed to be done plus ten (10) percent thereof, and shall name the City of Modesto as obligee, and shall be in a form approved by the City Attorney.

In lieu of furnishing such a corporate surety bond, the owner or lessee may post a cash deposit in the amount of said bend or furnish the City a savings and loan certificate and share in a form approved by the City Attorney in the amount of said bond in accordance with the provisions of Article 6 of Chapter 4 of Title 2 of the Modesto Municipal Code.

An extension of time for said completion may be granted in writing by the Chief Building Official when, in his discretion, circumstances shall so justify, but no such extension shall release any surety or other security.

(Added by Ord. 439-C.S., amended by Ord. 546-C.S., effective 12-25-62)