§ 6-116. Security deposit.  


Latest version.
  • The applicant shall deposit security to secure the performance of the conditions of the permit and to provide for claims against the operation. Such deposit shall be in the form of cash, assignment or certificate of deposit, a personal or corporate surety bond, letter of credit or other security in a form approved by the office of county counsel of the County of Santa Barbara. Said security shall be released to the applicant after the passage of ninety days from the termination of the parking operation to the extent that no claims are filed with the department of resource management against said deposit and it appears that the applicant has fully performed the conditions of the permit. The security shall be in an amount to reasonably provide for claims incident to such operations. Where a copy of a policy of public liability insurance is provided in an amount of not less than five hundred thousand dollars per event for personal injury liability and one hundred thousand dollars per event for property damage liability, security in an amount equal to one hundred dollars per acre of area permitted shall be deemed sufficient to reasonably provide for property damage claims incident to the operation and to secure performance of the agreements provided.

(Ord. No. 3553, § 1)