Any owner, subdivider or agent who shall install or cause to be installed any of the improvements required by Section 1173.01, or who shall provide for the installation of such improvements pursuant to Section 1173.03, shall comply with the following before any such installations begin and shall continue to comply therewith as hereinafter indicated:
(a) Cash Deposit for Maintenance. Such owner, subdivider or agent shall, before such installation begins, deposit with the Finance Department five hundred dollars ($500.00) or such larger amount recommended by the Engineer and approved by Council either in cash or by means of a certified check. The amount so deposited shall be paid out on order of the Engineer to the Municipality or to a contractor selected by the Engineer to remove dirt, silt or any other accumulation from any street of any conduit for the drainage of sewage or water or to repair the permanent pavement or the property of the Municipality or private property if the owner, subdivider or agent neglects or refuses to remove such accumulations or to make such repairs when so ordered by the Engineer. When more than half the amount shall have been used by the Municipality for such purpose, the owner, subdivider or agent shall deposit sufficient additional funds to bring the balance again to the amount established in accordance herewith. Failure to maintain such balance upon request of the Engineer shall constitute authority for the Building Inspector to halt the work upon the improvements being installed. When the improvement has been completed, any balance in the fund not then needed for the purposes aforesaid shall be returned to the subdivider, owner or agent who deposited it.
(b) Liability Insurance. Such owner, subdivider or agent shall, before such installation begins, furnish and keep in full force and effect at all times during the period required to install the improvements and for a period of one year thereafter, a policy of insurance written by a solvent insurance company authorized to do business in the State of Ohio. Such policy shall be in form and amount satisfactory to the Law Director and shall insure and indemnify the Municipality against any legal liability incurred as a result of damage to persons or property arising out of the acts or omissions of the owner, subdivider or agent, or any of his contractors, subcontractors, agents or employees in connection with the installation or construction of such improvements or arising out of the unimproved condition of the streets being improved.
(c) Performance Bond/Irrevocable Letter of Credit. Such owner, subdivider or agent shall require such contractors or subcontractors as he shall engage for the purpose of installing such improvements to furnish a performance bond before the contractors or subcontractors begin work. Such bond shall have a compensated surety company as surety and shall be in such form as the Law Director approves and such amount as the Engineer approves and shall be furnished to the Municipality before such installation begins. In the alternative, an Irrevocable Letter of Credit may be furnished in accordance with Section 1173.03 upon approval of the Law Director.
(Ord. 2023-09-27. Passed 12-6-23.)