(a) Cash Bond Requirements. The CBO shall not issue any permit for construction, alteration or demolition of any commercial or residential dwelling or other major structure until there has been deposited with him a cash bond in an amount as provided in Chapter 105.
(Ord. 1999-64. Passed 10-13-99.)
(b) Street Opening - Road Bond. In addition to the one percent (1%) cash performance bond required above, before proceeding with the construction, enlargement, alteration, repair or removal of any building or other structure and at the time of securing a permit for the operation, the owner or his agent shall deposit with the Building Inspector a sum in cash equal to one-half of one percent (1%) of the construction costs, but in any event not less than the fee as provided in Chapter 105 cash, to guarantee that any damage to roads, drainage ditches, power lines, sewer tile, Village tree lawns, Village trees, or Village rights of way will be paid for by the permit holder, and that any debris, dirt or nuisance deposited upon Village streets or property as a result of such operation will be cleaned up at the expense of the permit holder. The owner or applicant for the permit shall guarantee that provisions of this chapter will be complied with, that the excavation will not remain upon the property for a period longer than thirty days, and that in the event the excavation shall not have been completely refilled as provided for herein, the Municipality, by any agent or employee thereof, may enter upon the property and fill the excavation or cause the same to be filled and that any costs or expense incurred by the Municipality in so doing shall be chargeable against the bond.
(c) Cash Bond Limitation. The combination of cash bonds required by subsections (a) and (b) above shall be limited to one hundred thousand dollars ($100,000) per construction project.
(d) Building Trust Fund. There is hereby created the Building Trust Fund which shall be a separate fund for the purpose of depositing all funds received by the Building Department where said funds are required to be held in trust by the Village. Those funds received and deposited in the Building Department Trust Fund shall be properly accounted for and may be transferred to various Village accounts when said funds are earned by the Village as a result of fees and expenses charged by the Village to applicants/depositors or shall be held in trust to be returned to the applicant/depositor upon the successful completion of the projects for which funds were deposited. (Ord. 1996-25. Passed 10-9-96.)