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When a bond is mandatory, it shall be held by the Village as security for payment to the Village for any damage to public property, caused by or arising out of construction work carried out by a property owner or contractor. This bond shall include damage to sidewalks, water mains, sewers, streets, curbs, trees, landscaping, hydrants, gate valves, curb boxes and any other public property, and shall include any damage to streets or sidewalks caused by hauling of materials to a job or driving of trucks over streets and sidewalks in connection with said job. Said bond is also required for the public safety and welfare, by keeping streets and sidewalks open and safe for public use and travel; it is further required for the purpose of causing the removal of any waste or debris from public or private property and to keep the premises and abutting public or private property clean and orderly during construction.
The Village shall hold such a bond until all construction work or excavation has been completed and approved by the Building Official and/or until a certificate of occupancy has been issued. After such approval, the Building Clerk, upon request, shall order returned to the person by whom deposit was made the amount of such deposit, less any charges made against the same.