(a) The Building Inspector shall not issue a logging permit until the landowner or operator posts financial security with a bonding or lending institution of his choice, provided such institution is authorized to conduct business in the State of Ohio (either a Federal or State chartered
lending institution). To ensure the maintenance protection and repair of any damage to public streets and highways, water lines, sanitary sewer lines or storm sewer facilities that may be caused by the timber harvesting operation.
(b) The acceptable types of financial security are as follows:
(1) Maintenance and repair bond with an acceptable surety, and of form satisfactory to the Village;
(2) Certified check payable to the Village; or
(3) Irrevocable letter of credit provided by a qualified lending institution which guarantees payment to the Village should the landowner or operator fail to repair damaged facilities satisfactorily.
(c) Financial security amount shall be set by the Village Engineer equal to one hundred percent (100%) of the cost of repairing or replacing damaged streets and highways, water lines, sanitary sewer lines or storm sewer facilities shall be posted by the landowner or operator.
(Ord. 3940. Passed 6-13-18.)