A. Construction Bonds: Before commencing any residential or commercial construction involving the erection of a new principal structure or any alteration to existing structures for which a building permit is required and which is not an improved project covered by an acceptable letter of credit or performance bond for which a building permit is required, the building inspector shall require the person obtaining the permit to make a cash deposit with the village as provided in the fee schedule of the village, as amended, in order to cover the cost of repairing any damage which may be done to village property or for any outstanding fees and professional costs not paid by the person obtaining the permit. If, upon expiration of the building permit, final inspections or approvals have not been conducted or issued, said bond shall be forfeited to the village, and deposited in the general fund.
B. Accessory Structure Bonds: Before commencing any construction involving the erection or alteration of an accessory building or structure, for which a building permit is required, and which is not an improved project covered by an acceptable letter of credit or performance bond for which a building permit is required, the building inspector shall require the person obtaining the permit to make a cash deposit with the village as provided in the fee schedule of the village, as amended, to cover the cost of repairing any damage which may be done to village property and for any outstanding fees and professional costs not paid by the person obtaining the permit. If, upon expiration of the building permit, final inspection and approvals have not been completed, said bonds shall be forfeited to the village, and deposited in the general fund.
C. Forfeiture Of Bonds Prior To Enactment: Any construction bonds or accessory structure bonds for which a building permit has expired prior to the enactment of this section which are currently being held by the village, shall be forfeited to the village sixty (60) days after the permit holder has been given notice, by certified mail, return receipt requested. Said funds shall be deposited in the general fund. (Ord. 2014-O-36: Ord. 2005-O-45 § 1)