(a) For each permit which is approved the applicant shall provide the Village with a bond, irrevocable letter of credit from an insured financial institution, cash or other approved surety in an amount equal to the cost of the closed-cycle ground water heat pump system or earth coupled closed-loop heat pump system, which guarantees the safety, performance, operation and repair of the system for a period of one year from the date of completion.
(b) Provision of the bond will constitute acceptance by the applicant to its utilization by the Village for such repairs and/or modifications as the Village must reasonably make upon the system for the protection of the health, safety and general welfare of the residents of the Village, and/or its forfeiture as full or partial compensation for damage to the Village water supply resulting from the installation, operation or performance of the closed-cycle ground water heat pump system or earth coupled closed-loop heat pump system.
(Ord. 8-87. Passed 3-23-87.)