1242.01  CASH DEPOSIT, INSURANCE AND CONTRACTOR'S PERFORMANCE BOND.
   Any developer who shall install or cause to be installed any of the improvements required by Chapter 1248, or who shall provide for the installation of such improvements pursuant to Section 1248.03, shall comply with the following before any such installations begin and shall continue to comply therewith as hereinafter indicated:
   (a)   Such developer shall, before such installation begins, deposit with the City Engineer twenty-five hundred dollars ($2500.00), or such other larger amount recommended by the City Engineer and approved by Council, either in cash or by means of a certified check.  The amount so deposited shall be paid out on order of the City Engineer to the Municipality or to a contractor selected by the Engineer to remove dirt, silt or any other accumulation from any street or conduit for the drainage of sewage or water, or to repair the permanent pavement or the property of the Municipality or private property, if the developer neglects or refuses to remove such accumulations or to make such repairs when so ordered by the City Engineer.
      When more than half of the amount shall have been used by the Municipality for such purpose, the developer shall deposit sufficient additional funds to bring the balance again to the amount established in accordance herewith.  Failure to maintain such balance upon request shall constitute authority for the City Engineer to issue a stop work order to the developer and cease all work upon the improvements being installed.  When the improvement has been completed, any balance in the fund not then needed for the purposes aforesaid shall be returned to the developer.
   (b)   Such developer shall, before such installation begins, furnish and keep in full force and effect at all times during the period required to install the improvements and for a period of two years thereafter, a policy of insurance written by a solvent insurance company authorized to do business in the State of Ohio.  Such policy shall be in form and amount satisfactory to the City Law Director and shall insure and indemnify the Municipality against any legal liability incurred as a result of damage to persons or property arising out of the acts or omissions of the developer or any of his or her contractors, subcontractors, agents or employees, in connection with the installation or construction of such improvements, or arising out of the unimproved condition of the streets being improved.
(Ord. 1970-232.  Passed 9-15-71; Ord. 98-114. Passed 9-1-98; Ord. 04-131. Passed 6-1-04.)