Unless otherwise provided in a license or franchise agreement, a performance bond written by a corporate surety acceptable to the village equal to at least 100% of the estimated cost of constructing grantee’s telecommunications facilities within the public ways of the village shall be deposited before construction is commenced.
(A) The construction bond shall remain in force until 60 days after substantial completion of the work, as determined by the Village Engineer, including restoration of public ways and other property affected by the construction.
(B) The construction bond shall guarantee, to the satisfaction of the village:
(1) Timely completion of construction;
(2) Construction in compliance with applicable plans, permits, technical codes and standards;
(3) Proper location of the facilities as specified by the village;
(4) Restoration of the public ways and other property affected by the construction;
(5) The submission of “as-built” drawings after completion of the work as required by this chapter; and
(6) Timely payment and satisfaction of all claims, demands or liens for labor, material or services provided in connection with the work.
(1981 Code, § 18.7.20)