§ 105-126. Bond required.

(a)

All licensed moving contractors shall be required to post a liability and performance bond in the form of an irrevocable letter of credit with the building official. Said letter of credit shall be executed by licensee as principal and upon a solvent bank qualified to do business in the state, conditioned that the principal therein shall timely and faithfully pay to the parish any and all sums due for damages, whether the same be to private or public property, incurred in the process of moving a structure, regardless of the location of the damages wherein it is determined that a permit to move that structure was issued by the parish. The letter of credit shall be in substantially the following form:

(1)

Date.

(2)

Expires.

(3)

Amount.

(4)

Name and address of bank.

(b)

The letter of credit so furnished shall be in the minimum principal sum of $5,000.00, exclusive of applicable interest and attorney's fees. Letters of credit of greater principal sums may be provided by applicants.

(Code 1988, § 5:625; Ord. No. 83-24, 1983)