Prior to commencement of the work under a permit granted pursuant to this chapter, the permittee or the contractor for the permittee shall post with the city a bond with surety qualified to do a bonding business in this state, a cash deposit or an assigned savings account or other security acceptable to the city in an amount equal to one hundred fifty percent of the cost of the work as estimated by the director of public works. Such bond, deposit or other security shall be conditioned upon the permittee or its contractor performing the work pursuant to the terms of this chapter, including the restoration and/or replacement of the street, sidewalk, or other right-of-way within the time specified by the director of public works, and a maintenance bond guaranteeing such work and replacement at ten percent of the estimated cost of surface restoration for a period of one year after the completed job is accepted by the city. For those public utilities which hold a franchise agreement, a maintenance bond is not required. (Ord. 876 §9, 1990; Ord. 612 §7, 1981).