(a) Construction Bond. Prior to the commencement of any Construction, a Construction Permittee, excluding the Village and the County, shall deposit with the Village an irrevocable, unconditional letter of credit and/or surety bond in an amount determined by the Village Solicitor to be appropriate based upon fair and reasonable criteria. Unless a Construction default, problem or deficiency involves an Emergency or endangers the safety of the general public, the Village shall serve written notice to the Construction Permittee detailing the Construction default, problem or deficiency. If the Village determines that correction or repair of the Construction default, problem or deficiency has not occurred or has not been substantially initiated within ten (10) calendar days after the date following service and notification and detailing the Construction default, problem or deficiency, then the Village may attach the letter of credit or surety bond. Upon attachment, written notice shall be served on the Construction Permittee by the Village.
(b) Removal Bond. Upon issuance of a Certificate of Registration and continuously thereafter, and until one hundred twenty (120) days after a Provider's Facilities have been removed from the Rights of Way, (unless the Village notifies the Provider that a reasonably longer period shall apply), a Provider shall deposit with the Village and maintain an irrevocable, unconditional letter of credit or surety bond in an amount equal to or greater than one hundred thousand dollars ($100,000.00), the Village shall make all reasonable efforts to allow Provider a period of five (5) calendar days after serving notification in writing to correct or repair any default, problem or deficiency prior to the Village attachment of the letter of credit or surety bond regarding the removal of Facilities. Upon attachment, written notice shall be provided to the Provider by the Village.
(c) Blanket Bond.
(1) In lieu of the Construction Bond required by Section 922.17(a) and the Removal Bond required by Section 922.17(b), Provider may deposit with the Village an irrevocable, unconditional letter of credit and/or surety bond in the amount of five million dollars ($5,000,000.00). Unless a Construction default, problem or deficiency involves an Emergency or endangers the safety of the general public, the Village shall make all reasonable effort to allow Permittee a period of five (5) calendar days after sending notification in writing to correct or repair any default, problem or deficiency prior to Village's attachment of the letter of credit or surety bond.
(d) Self Bonding. In lieu of the Construction Bond required by Section 922.17(a), the Removal Bond required by Section 922.17(b) and the Blanket Bond required by Section 922.17(c), those Providers maintaining a book value in excess of fifty million dollars ($50,000,000.00) may submit a statement to the Village requesting to self-bond. If approval to self bond is granted, a Provider shall assure the Village that such self-bonding shall provide the Village with no less protection and security than would have been afforded to the Village by a third party surety providing Provider with the types and amounts of bonds detailed in the above named Sections. This statement shall include:
(1) Audited financial statements for the previous year; and
(2) A description of the Applicant's self bonding program.
(3) Other applicable and pertinent information as reasonably requested by the Village.
(e) Purposes.
(1) The bonds required by this section, and any self bonding to the extent it has been permitted, shall serve as security for:
A. The faithful performance by the Permittee or Provider of all terms, conditions and obligations of Chapter 922; and
C. The payment of all compensation due to the Village, including Permit Fees; and
D. The payment of premiums (if any) for the liability insurance required pursuant to Chapter 922; and
F. The payment to the Village of any amounts for which the Permittee or Provider is liable that are not paid by it's insurance or other surety; and
G. The payment of any other amounts which become due to the Village pursuant to Chapter 922 or the Law.
(f) Form. The bond documents required by this Section and any replacement bond documents shall contain the following endorsement: "It is hereby understood and agreed that this bond may not be canceled or not renewed by the surety nor the intention to cancel or not to renew be stated by the surety until ninety (90) days after completion of Construction of the Facilities and, notwithstanding the foregoing, shall in no case be canceled or not renewed by the surety until at least ninety (90) days' written notice to Village of surety's intention to cancel or not renew this bond. (Ord. 8-18. Passed 7-9-18.)