8-1-9: ROAD BOND:
Prior to the issuance of a building permit for a principal structure, if the structure is to be located on property which is adjacent to and obtains or has access to or from a public street which has been accepted by the village or which the village maintains, then, in that event, the permit applicant shall deposit with the village a two thousand dollar ($2,000.00) cash or letter of credit road bond. The purpose of the road bond is to have funds available to the village to repair any damages to the public facilities, such as the roads, sidewalks, or parkways, caused during the course of construction of the structure. After the issuance of occupancy permit for the structure, the road bond shall be returned to the permittee less any sums determined by the village to be necessary to repair damages caused to the public facilities during the course of construction of said principal structure. (Ord. 2008-09-01, 9-24-2008)