§ 62-125. Bond.

(a)

Unless otherwise contractually provided for in a valid franchise between the permit applicant and the village, before any permit referred to in this article shall be issued, the applicant for such permit shall deposit with the village engineer/director of public works a performance and maintenance bond, or, in the alternative, a license and permit bond in the penal sum of $2,000.00, which bond shall provide that the permittee shall satisfactorily restore the street opening and guarantee satisfactory restoration for a period of one year after the opening is made; however, any permit issued exclusively for the installation, improvement or replacement of sidewalks shall require the applicant to post the bond in the amount of $5,000.00 in the same manner. If such permittee anticipates requesting more than one permit per year as required in this section, he may furnish a continuing bond in the penal sum of $2,000.00; however, if the permittee anticipates requesting more than one permit exclusively for sidewalk work per year as required in this section, he may furnish one continuing bond in the penal sum of $5,000.00. If the $2,000.00 bond is deemed inadequate by the village engineer/director of public works, based upon the estimated cost of restoring the openings, he may require any reasonable increase in the amount to conform to the estimated costs.

(b)

In lieu of the bond required in this section, an applicant for sidewalk installation, replacement or improvements who owns the property on which the sidewalk is located may deposit the sum of $500.00 with the village treasurer, or the bond requirement as outlined in this section, subject to the approval of the village engineer/director of public works, who will determine the estimated cost of restoration under this article. The village may apply such funds so deposited to pay for costs, fees or expenses incurred by the village arising out of the activities of the permittee. One year after the expiration of any permit for any sidewalk work under this subsection; or if no such work has taken place, the permittee under this subsection on surrender of the permit so issued, the unused portion of such funds deposited under this subsection shall, on order of the village engineer/director of public works, be refunded to the permittee.

(Ord. No. 09-95, § 1(6.104), 5-17-1995; Ord. No. 12-2015, § 1, 10-6-2015)