Prior to the issuance of the wetlands permit, the applicant shall provide the Village with a cash deposit, certified check, irrevocable letter of credit or performance bond in an amount equal to 100 percent of the value of the permitted work (as determined by the Village) to assure the Village that soil erosion and wetland preservation efforts will be undertaken in accordance with the approved plans. These assurances shall run to the Village and shall be forfeitable by its terms and conditions automatically fifteen days after the Village has provided notice to the applicant, either by personal delivery, certified mail or first class mail, that the requirements of the plan have not been complied with and that failure to proceed poses harm to the protected wetlands. If the applicant fails to perform within the fifteen-day period, the value of the assurance shall be automatically transferred to the Village or otherwise be enforceable by the Village by any means available. Thereafter, the Village shall be authorized to go onto the property and complete the construction in accordance with the requirements of the approved plans. In the case of the deposit, certified check or irrevocable letter of credit, the amount on deposit may be reduced as the work progresses, provided that at all times the deposit or letter of credit amount is sufficient in the estimation of the Village to assure the completion of the approved work. If the assurance does not sufficiently cover the cost of implementing the necessary improvements as determined by the Village, the applicant will be responsible for reimbursing the Village for any and all costs incurred in completing the work. (Ord. 190. Passed 5-9-94.)