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180 suffered by the public or damage to the property of the public by reason of the work carried on under the permit. The public liability insurance shall be for the limits of at least for injury to one (1) and for injury to more than one (1) person, and the property damage insurance limit. The insurance shall be placed with a company satisfactory to the Risk Management Division of City, prior to the date that work under the permit is commenced. The policy or policies of insurance shall name the City, its officers, agents, employees and volunteers as additional insured and shall contain an endorsement precluding cancellation or reduction in coverage without giving the Risk Management Division at least thirty (30) days written notice prior thereto. (2) If required on the face thereof, the permit shall not be effective for any purpose unless and until the permittee files with the Risk Management Division a corporate surety bond or other security approved by the Risk Management Division in the amount specified on the face of the permit, said bond or other security to fully assure the performance by permittee of all obligations imposed upon permittee under the provisions of the permit and this chapter. SECTION 7. Section 33-54 ("Preservation of Newly Constructed and Reconstructed Arterial Streets") of the City's Code is hereby amended to read as follows: Sec. 33-54 Preservation of newly constructed and reconstructed arterial streets. In order to preserve the ride quality, structural integrity and appearance of newly constructed or reconstructed arterial streets, the following conditions are hereby imposed: (a) Cuffing or opening arterial streets. (b) (1) Newly constructed or resurfaced arterial streets shall not be cut or opened for a period of five (5) years following construction or resurfacing, except in the case of emergency or imminent peril to life, limb or property, as determined by the city engineer. (2) Upon a showing of good cause, the city engineer may permit newly 2constructed or resurfaced arterial streets to be cut or opened prior to expiration of the five (5) year period following construction or resurfacing. Any such exception shall require specific written approval by the city engineer. Connection of service lateral. For new utilities' service laterals, a maximum street opening of four (4) feet by four (4) feet may be made directly over the utility for purposes of connecting the service lateral. Ordinance No. NS-2447 Page 10 of 12