Upon the approval of the application, the applicant shall also furnish a cash or surety bond in the amount of the greater of either (i) ten thousand dollars ($10,000.00) or (ii) an amount equal to the product of $10.00 multiplied by each one thousand dollars of value of the proposed construction project. The purpose of the bond is (i) to assure that the Building Contractor or Subcontractor shall perform all the work pursuant to the provisions and regulations of the Village Building Code, and the Regional and State Building Codes, and (ii) save the Village harmless from any damage, or any of its agents or officials for the use of any persons, firms or corporations with whom such contractor or subcontractor shall contract to do work. The contractor or subcontractor shall indemnify and pay any such persons, firms or corporations for damage sustained on account of the failure of such contractor or subcontractor to perform the work so contracted for or failure to perform the work so contracted for in accordance with the provisions of the Building Code of the Village of Newburgh Heights, and any and all lawful rules and regulations promulgated under the authority thereof, and from or by reason or on account of anything done under and by virtue of any permits issued under such registration for the doing of any work required to be done in the construction, alteration, repair, addition to, subtraction from, reconstructing or remodeling of any building, structure, or appurtenance thereto or any part thereof, then this obligation shall be void; otherwise to remain in full force and effect. Upon the approval of the Building Commissioner, the refunds of the cash deposit or release of the surety bond shall be made if no damage is done as specified in this chapter. However, if after two years from the time of the issuance of such bond, the work contemplated by the permit has not been completed to the satisfaction of the Building Commissioner and so reported by the Building Commissioner to Council and/or the Village has suffered damage as the result of the actions of the Contractor or Subcontractor, then Council shall order such deposit forfeited and credit it to the General Fund. In the event a surety bond is filed, then Council shall instruct the Solicitor to secure payment of such bond from the bonding company. (Ord. 2018-57. Passed 11-6-18.)