A. Types Of Deposits: In addition to a permit fee, the applicant shall make a security deposit sufficient to ensure that the roadway is repaired to preconstruction condition. Security deposits may be made by irrevocable letter of credit, performance bond, cash deposit, cashier's check, or other acceptable security approved by the finance department and in the amount determined by the village fee schedule. Subsection C of this section shall be used to determine the amount to be deposited with the village prior to the issuance of a development permit, building permit or encroachment permit.
B. Deposit Hold Time: The period of time that the village will hold the security deposit will be a function of the type of road upon which the construction was done.
1. Paved Road: The security deposit will be held for twelve (12) months from the date of substantial completion of work covered by the encroachment permit. Paved roadway work also includes curb and gutter, sidewalks, driveway aprons, and valve collars.
2. Gravel Road: The security deposit will be held for six (6) months from the date of substantial completion of work covered by the encroachment permit.
3. Unimproved Road And/Or Easements: The security deposit will be held for three (3) months from the date of substantial completion.
C. Terms Of Security Deposit:
1. Public Utilities: Any public utility operating within the village may, at its option, elect to make a one time performance deposit to apply to all utility installations within the village and submit a letter of performance on road restoration in accordance with the provisions of this chapter that is acceptable to the village administrator.
2. Refund Of Deposits: The public works director shall be contacted to inspect the right of way restoration work prior to work beginning. At the end of the deposit hold time, a final inspection will be performed by the public works director to determine that the quality of the work is still acceptable. He will then authorize the refund of the security deposit unless the work has not been completed to village specifications. If the contractor completes all construction activities without call for appropriate inspections, the public works director may order the security deposit be held for an additional period of time to determine acceptability of the work performed.
3. Deficiency Of Deposit Demand: If, after issuance of a right of way encroachment permit, a deposit is determined to be less than sufficient to pay all restoration costs, the contractor shall pay the village an amount equal to the deficiency as determined by reference to the village fee schedule.
4. Failure To Perform: If the contractor fails or refuses to complete or correct any deficiencies noted by the village, the village may initiate legal action to recover the amount of money necessary to complete the restoration work. Until the restoration deficiencies are corrected or monies to finish all restoration are paid, no subsequent or additional permits shall be issued to the contractor. The remedies herein are in the alternative and are not exclusive.
D. Deposit Formulas: The security deposit for all encroachment work done in village rights of way or easements will be set by village resolution and will be based on type of construction.
1. Paved roads: Cubic foot of excavated materials.
2. Gravel roads: Cubic foot of excavated materials.
3. Unimproved roads and utility easements: Cubic foot of excavated materials.
4. Curb and gutter: Linear foot.
5. Sidewalks, driveway aprons, landscaping: Square yard.
6. Right of way or other major control monuments: Actual cost by licensed surveyor.
E. Exemptions From Provisions: The electric power company and the telephone company holding franchise agreements with the village are exempt from this section where the franchise agreements have existing provisions to guarantee work performed in the village right of way. (Ord. 2002-01, 1-17-2002)