Each permit holder shall establish a security fund with the Village and deposit thereto the amount of fifty thousand dollars ($50,000) in cash, an unconditional letter of credit or other instrument acceptable to the Village, which fund shall be maintained at the sole expense of the permit holder so long as the permit holder owns, controls or operates any facilities within the public ways of the Village.
(a) The fund shall serve as security for the full and complete performance of the requirements of this legislation, including any costs, expenses, damages or loss the Village pays or incurs because of any failure attributable to the permit holder to comply with this legislation.
(b) Before any sums are withdrawn from the security fund, the Village first shall provide a reasonable opportunity for the permit holder to remedy the failure to comply with this legislation or to pay for the Village's costs resulting from such failure from another source.
(c) Permit holders shall replenish the security fund within thirty (30) days after written notice from the Village that there is a deficiency in the amount of the fund.
(Ord. 106-01-99. Passed 1-26-99.)