A. Fee. Each Application shall be accompanied by a Permit fee in the amount set forth in Chapter 2, Village Government, Article X, Tax, Fee, Fine and Penalty Schedules, Section 2.1002, Fee Schedule.
B. Financial Responsibility. In order to guarantee payment of the Cost of Restoration following completion of the Work, each Application shall be accompanied by a suitable Financial Guarantee, which includes the Maintenance Guarantee, which the Village Engineer will deposit with the Village Treasurer.
1. The Financial Guarantee submitted in accordance with this Subsection to guarantee the completion of Restoration shall be in an amount equal to one hundred fifteen percent (115%) of the Village Engineer's estimate of the Cost of Restoration.
2. If the Financial Guarantee is a Letter of Credit, such Letter of Credit shall be irrevocable and shall provide:
a. An expiration date not less than one (1) year from the date of issuance or an express provision that such Letter of Credit will not expire prior to completion and acceptance of said Restoration by the President and Board of Trustees;
b. That the bank issuing the Letter of Credit shall give written notice by certified or registered mail to the Village Clerk and the Village Engineer not less than forty-five (45) days before the expiration of the Letter of Credit, which Letter of Credit shall not expire absent such notice;
c. That failure of the Applicant to complete the Restoration secured by such Letter of Credit prior to the scheduled completion date shall be considered a default by the Applicant and the issuing institution, allowing the Village to draw the entire amount of the initial Letter of Credit;
d. That failure of the Applicant to submit a successor Letter of Credit not less than forty-five (45) days before the expiration of the initial Letter of Credit, to be effective upon expiration of the initial Letter of Credit shall be unlawful and considered a default by the Applicant and the issuing institution, allowing the Village to draw the entire amount of the initial Letter of Credit; and
e. That the issuer will pay all attorneys' fees and other costs incurred by the Village in enforcing collection of such Letter of Credit in the event that the issuer fails to honor the Village's demand for payment under the terms of such Letter of Credit.
3. Reduction of the Amount of the Financial Guarantee.
a. Provided he approves of the Restoration following his inspection and review of the completion of the Restoration, the Village Engineer shall recommend to the President and Board of Trustees reduction of the initial amount of the Financial Guarantee to a Maintenance Guarantee; and
b. Upon its receipt of the recommendation of the Village Engineer, the President and Board of Trustees may authorize the reduction of the amount of a Financial Guarantee to the initial amount of the Maintenance Guarantee - it being understood that the total amount of the Maintenance Guarantee shall not be reduced thereafter but shall be retained in the Financial Guarantee, to be held by the Village Treasurer for the one (1) year period following approval and acceptance of the Restoration by the President and Board of Trustees in order to guarantee the installation and materials used in constructing the Restoration.
(Ord. 605, passed 5-20-2008; Am. Ord. 638, passed 11-17-2009; Am. Ord. 852, passed 10-20-2020)