A permit shall not be issued where the value of the work is estimated by the Director to be $100,000 or more, unless the permittee first posts with the Director a bond executed by the permittee and a corporate surety authorized to do business in this state as a surety. The bond shall be in a form approved by the City Attorney and in an amount of 30 percent of the estimated cost of the work authorized by the permit, except that the Director may waive all or part of the amount to the extent that he determines that the hazard or danger created by the work does not justify the full amount. The bond shall include penalty provisions for failure to complete the work on schedule. (Ord. 2466 § 9, 1991; Ord. 1032 § 1, 1967; prior code § 26.113(A)).