Each applicant shall, before receiving a license as provided in this subchapter, deposit with the Village Clerk a bond in the penal sum of $30,000 for a general contractor and $10,000 for subcontractors, with surety to be approved by the corporate authorities to indemnify, keep, and save harmless the municipality against any loss, cost, damage, judgment, or liability of any kind whatsoever which the municipality may suffer or be put to, or which may accrue against, be charged to, or be recovered from the municipality or any of its officials by reason of any act or thing done or neglected to be done under or by virtue of the authority given in such license. Further conditioned, the applicant shall well and faithfully observe all of the provisions of this subchapter and other ordinances and other regulations of the municipality relating to the activities engaged in under or by virtue of the authority given in such license. Such bond shall extend over the license period.
(Ord. 73-20, passed 10-2-73; Am. Ord. 77-07, passed 5-4-77)