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Before a permit may be issued under the provisions of this ordinance, the applicant shall satisfy the conditions established in the City Design and Construction Standards and Specifications for guarantee of performance and warranty which are adopted by this reference. Deposit of funds or instruments for satisfying these conditions shall be made with the City Treasurer. Said cash deposit or bond shall further guarantee that all excavation and street restoration work shall be free from settling and defects in workmanship or materials for a period of up to two (2) years after the date said work is completed and accepted by the City.