(a) If the Village Inspector deems it necessary no such permit shall be issued unless and until the applicant therefor has filed with the Village Inspector a performance bond in an amount equal to the Village Inspector's estimated cost of the work or in an amount required by the Village; such cost shall include, without excluding other costs, all replacement costs of pavement and restoration of roadway and the surrounding area and the cost of the construction of any bypass for the diversion of traffic. Such bond shall have as surety a corporation licensed to do business in the State of Ohio as a surety company. In lieu of such bond, the applicant may deposit with the Village Inspector a cash deposit in a sum equal to the engineer's estimate of the cost of the work. If no bond is deemed necessary, then a minimum cash deposit of five hundred dollars ($500.00) shall be placed with the Village Inspector.
(Ord. 91-365. Passed 6-6-91.)
(b) No such performance bond or cash deposit shall be released unless and until the applicant therefor has filed with the Fiscal Officer of the Village a maintenance bond in a sum equaling ten percent (10%) of the Village Inspector's estimated cost of the work as set forth in subsection (a) hereof. Such bond shall have as surety a corporation licensed to do business in the State of Ohio as a surety company. In lieu of such bond, the applicant may deposit with the Village Fiscal Officer a cash deposit equaling such ten percent (10%) of the estimated cost of the work. Such bond or deposit shall be retained by the Village for a period of one year from date of completion of work so that in the event the holder of a road opening permit shall not promptly or properly restore an excavation and shall fail to do so or correct a faulty restoration within three days of the mailing of notice to him at the address given in the application for a bond, then the Village shall consider such bond forfeited unless further delay is allowed and approved by the Village Inspector and Road Commissioner.
(Ord. 91-365. Passed 6-6-91; Ord. 94-475. Passed 6-5-97.)