Money deposit required to move a building

Upon filing of an application for a relocation permit, the applicant shall deposit with the city the sum of $1,000, either in cash or in a certified or cashier’s check, as security for the faithful performance by the applicant in obtaining the required permits to transport this structure, any police escort, and to repair or pay for any property owned by the city or by others that has been damaged in the process of moving such building or structure. Upon the faithful performance of such obligation by the applicant or by any person on behalf of the applicant, to the satisfaction of the building office, and if no such damage has resulted thereby, the sum so deposited shall be returned to the applicant. Applicant shall forfeit the performance security if building or structure is moved without the required permits or police escort. If the applicant fails or refuses to repair or pay for such damage within 30 days after written notification thereof by the building official, the building official shall use such sums deposited or any portion thereof to cause the repair of such property so damaged. Any money remaining after such repair has been completed and has not been forfeited shall be returned to the applicant. In lieu of the aforementioned $1,000 security deposit, the applicant may establish with the city a revolving fund for the amount of $5,000. )