(a) Each facilities operator must procure and provide to the Village a bond, escrow, deposit, letter of credit, or other financial surety to ensure compliance with this chapter and R.C. Chapter 4939. The financial surety must be in an amount sufficient to cover the cost of removal of all facilities owned or operated by the facilities operator but not less than fifty thousand dollars ($50,000.00) or such lesser amount as the Village Engineer may determine adequately protects the Village’s interest.
(b) The Village may, in its sole discretion, draw on the financial surety to remove abandoned facilities, remove or repair damaged facilities, or to repair damage to any Village property caused by the facilities operator or its agent. In such event, the facilities operator shall cause the financial surety be replenished to its prior amount within ten business days after Village notifies the facilities operator that it has drawn on the financial surety; in addition, the Village may, after notice to the facilities operator, revoke the permit issued pursuant to Section 1030.09(b).
(Ord. 2018-61. Passed 7-11-18.)