(a) A performance bond or other financial guarantee as approved by the Mayor and the Village Solicitor shall be placed on deposit with the Village to ensure that the landscaping, hard surfacing of private drives and parking areas, improvements within public rights-of-way or easements, and surface water drainage shall be installed in conformity with approved plans. Such bond or guarantee shall be in an amount equal to the cost of the construction of the improvements, based on an estimate approved by the Village Engineer, and shall be for a period not to exceed two (2) years and provide for the complete construction of the improvements within that period.
(b) The Village Engineer may also require a restoration bond. Said bond shall be to insure repair of any damage done to existing curb, gutter, sidewalk, and/or street project. The amount of said bond shall be determined by the Village Engineer based on his estimate of potential damage.
(Ord. 1998-34. Passed 5-13-98.)