Upon the effective date of this chapter the Company shall deliver to the Village a surety bond in the amount of five thousand dollars ($5,000), substantially in the form of the usual performance bond, and issued by a commercial bonding company satisfactory to the Village. The bond shall be held by the Village to further assure the faithful performance by the Company of all of its undertakings hereunder.
(Ord. 396-12-70. Passed 12-8-70.)