(A) Each grantee shall establish a permanent security fund with the village by depositing the amount of $50,000 with the village in cash, an unconditional letter of credit or other instrument acceptable to the village which fund shall be maintained at the sole expense of the grantee so long as any of grantees telecommunications facilities are located within the public ways of the village. The fund shall serve as security for the full and complete performance of this chapter, including any costs, expenses, damages or loss the village pays or incurs because of any failure attributable to the grantee to comply with the codes, ordinances, rules, regulations or permits of the village.
(B) Before any sums are withdrawn from the security fund, the village shall give written notice to the grantee:
(1) Describing the act, default or failure to be remedied or the damages, costs or expenses which the village has incurred by reason of grantee’s act or default;
(2) Providing a reasonable opportunity for grantee to first remedy the existing or ongoing default or failure, if applicable;
(3) Providing a reasonable opportunity for grantee to pay any movies due the village before the village withdraws the amount thereof from the security fund, if applicable; and
(4) The grantee will be given an opportunity to review the act, default or failure described in the notice with the Village Clerk or his or her designee.
(C) The grantees shall replenish the security fund within 14 days after written notice from the village that there is a deficiency in the amount of the fund.
(1981 Code, § 18.7.19)