(a) Every applicant for registration shall, upon approval of the application, furnish and file with the Building Department a bond in the sum of twenty-five thousand dollars ($25,000.00), to be approved as to form by the Law Director, guaranteeing full and faithful compliance by the applicant with all the provisions of this Building Code and with pertinent rules and regulations promulgated under authority of this Building Code or of the Village. Recourse shall be had to such bond whenever the applicant for registration named as the principal on such bond refuses, neglects or fails to correct or abate a violation within a reasonable time limit set by the Building Inspector.
(b) In the event that any one individual is registered in more than one of the trades referred to in this chapter, such individual, upon posting an indemnity bond in the sum of twenty-five thousand dollars ($25,000), shall not be required to furnish bonds for any other of such trades.
(1974 Code § 114.12) (Ord. 103-01. Passed 10-2-01; Ord. 128-01. Passed 12-19-01.)