A construction bond acceptable to the Village equal to at least one hundred percent (100%) of the estimated cost of constructing or installing the permit holder's facilities within the public ways, including the restoration of public ways and other property as required under this legislation, shall be deposited before such construction is commenced. The construction bond shall remain in force until eighteen (18) months after substantial completion of the work.
The construction bond shall guarantee, to the satisfaction of the Village:
(a) Completion of construction;
(b) Construction in compliance with applicable plans, permits, technical codes and standards;
(c) Restoration of the public ways as required under this legislation; and
(d) Timely payment and satisfaction of all claims, demands or liens for labor, material or services provided in connection with the work.
(Ord. 106-01-99. Passed 1-26-99.)