A. Amount Of Bond: Each such applicant shall submit his application together with a cash or surety bond for a term of one year in the amount as set by resolution of the town council per proposed cut, to secure the restoration of the existing street to its original, preconstruction condition at the conclusion of the applicant's construction activities. (1988 Code § 7-7-1; amd. 2004 Code)
B. Exoneration Of Bond:
1. Exoneration of the bond referred to in subsection A of this section shall be conditioned upon the restoration of the existing pavement as per standard detail A-1, which detail is herein incorporated by means of this reference. (1988 Code § 7-7-1)
2. The bond provided for herein shall be exonerated by the town upon the delivery to the director of public works of an inspection report certifying the restoration of the pavement as per standard detail A-1. In the event that such certification is not received within one year of the date upon which the permit was granted, such bond shall be forfeited.
3. In the event that any permit holder's failure to timely restore the pavement as per standard detail A-1 creates a condition or conditions which threaten the health, safety or welfare of the public, or threaten to cause harm to underground utility services and/or adjacent paving materials, the director of public works may, upon seven (7) days' notice to the permit holder, forfeit the bond and use the bond proceeds to complete the repair to the pavement. (1988 Code § 7-7-3)