(A) Before a permit is granted, either the owner of the project or the contractor performing the work on such project shall post sufficient bond in an amount satisfactory to the Village Manager to assure completion of construction, that the terms and conditions of this chapter shall be met, and that the right-of-way, public way and damaged property shall be properly restored in accordance with § 97.03(G) and (H), in the form of a surety or maintenance bond, escrow account, irrevocable letter of credit, or cash deposit.
(B) Maintenance of the work or other activity performed in the rights-of-way, performed under a construction permit issued in accordance with this chapter, shall remain the responsibility of the permit holder for a period of one year from the date of final inspection by the village, except that period shall be two years for permits issued for pavement cuts or boring holes through or under the pavement. A sufficient bond, in an amount to be determined by the Village Manager, shall be posted during these periods.
(C) Notwithstanding the foregoing bond requirements, upon application the Village Council, in its sole discretion, may waive said bond requirements if satisfied that the applicant is sufficiently self-insured and maintains a satisfactory credit rating.
(Ord. 2007-03, passed 4-9-07)