(A) The operator shall post bond in the sum of $20,000 guaranteeing the removal of all its equipment and installations, if its operation ceases, whatever the cause or reason, if requested to do so by the Council, individual private property owners or subscribers.
(B) The bonding as called for in division (A) of this section shall be subject to these requirements:
(1) Such bond shall be executed by the operator and one or more sureties reasonably approved by the Village Solicitor.
(2) Either the bond (or bonds) or certified copies must be on file with the Mayor.
(3) The bond (or bonds) must provide by enforcement that it cannot be cancelled or amended by the bonding company prior to ten days notice to the Mayor.
(4) The bond (or bonds) must be effective before the operator commences any construction or installations.
(C) Within 30 days from the effective date of the granting of a permit by ordinance, the operator shall furnish a bond to the Village in the amount of $25,000 guaranteeing the faithful performance of the obligations of the operator under the terms of this ordinance, the bond being in addition to that required under division (A) of this section, and subject to these requirements:
(1) The bond shall be executed by the operator and one or more sureties reasonably approved by the Village Solicitor.
(2) Either the bond (or bonds) or certified copies must be on file with the Mayor.
(3) The bond (or bonds) must provide by endorsement that it cannot be cancelled or amended by the bonding company prior to ten days notice to the Mayor.
(D) It is not the intention of the Council to require either unnecessary or excessive bonding, or double bonding, nor unnecessary or excessive insurance, or double insurance; therefore the Council may waive the requirements for bonds and insurance, excluding the performance bond called for by division (C) above, or reduce the amounts thereof, for good cause shown. An additional consideration for reduction or waiver will be the extent of radio wave transmission versus the use of cable and/or other electrical conductors.
(Ord. 0-1621-97, § 709.04, passed 7-21-97)