Before permit approval is granted, the applicant shall file with the Town security, such as a letter of credit, or cash deposit satisfactory to the Town to indemnify the Town from any and all costs, including attorney's fees, resulting from the failure of the applicant to satisfactorily complete the work. The amount of such security shall be determined based upon the estimated cost of excavation and street restoration. Acceptance, holding, and release of performance securities under this provision shall be an administrative function, which does not require action on behalf of the Board of Mayor and Aldermen.
(`83 Code, § 12-104) (Am. Ord. 2021-18, passed 12-13-21)