(A) Each person, firm or corporation filing an application for a permit shall provide security to the town, guaranteeing that the area sought to be disturbed will be restored. Such security may be provided by a two-year corporate surety bond; irrevocable letter of credit drawn on a bank or trust company acceptable to the town, such letter of credit to be irrevocable for a period of two years after the completion of the work; or, a cash deposit.
(B) The security required shall be equal to the estimated cost of the work required to restore the disturbed area as required by this subchapter, except that cash/security shall be not less than $200 If the security provided is a cash deposit, such shall be held by the Clerk-Treasurer in the street cut fund for a period of two years after the restoration is completed; shall be refundable upon certification that the restoration has been completed according to the requirements of this subchapter; and, has been inspected and accepted by the town. Such deposit shall be returned without the payment of interest on said sum by the town.
(Ord. 1990-2, passed 2-14-1990)