A. Before issuance of any such permit, the contractor or person proposing to construct any such driveway, culvert, ditch, swale or drainageway or such person proposes to change or cause to be changed the existing elevation of real estate in the village which should interfere with, obstruct or tend to obstruct any street right of way, sidewalk, alley, ditch, culvert or drainageway on public or private property, then he shall file with the village clerk, on a form acceptable to the village, evidence that he carries public liability and property damage insurance in the amount as provided in the fee schedule of the village, as amended, naming the village, its elective and appointive boards, commissions, officers, agents and employees, as additional insured to cover claims which may arise out of performance of the work by the applicant or his agents or contractors. All such insurance shall be continuing until terminated by notice in writing to the village, given thirty (30) days in advance, and in no event shall such insurance terminate prior to completion of the work.
B. Before issuance of a permit, the applicant shall be required to post a refundable cash bond or other security with the village in a form satisfactory to the village, such security to be to the benefit of the village. Such security shall be the higher of one hundred twenty five percent (125%) of the determined cost of construction or as provided in the fee schedule of the village, as amended and shall be sufficient to cover the total cost of the improvements. Such security shall be conditioned upon the faithful observance of the provisions of this chapter and any plans accompanying the permit. (Ord. 2014-O-36)