A. Surety Bond: Before any building permit is issued for the erection, enlargement, alteration, repair, removal or demolition of any building, structure or structural part thereof within the City, the applicant shall produce evidence that he has filed with and had approved by the building official, a surety bond in the amount of twenty five thousand dollars ($25,000.00) protecting the City against any and all damages that may arise to the public ways of the City, and to the City and to any person in consequence or by reason of the proposed operation to be authorized by such permit, or by reason of any obstruction or occupation of any public ways in and about such building operations.
The surety bond required by this section may be acquired from the company, agent or broker of the contractor's choice. The bond and sureties shall be subject to approval of the City of Prospect Heights.
This section shall be read and interpreted in accord with the Contractor Unified License and Permit Bond Act, 50 Illinois Compiled Statutes 830/1 et seq.
B. Cash Deposit To Guarantee Performance: To guarantee performance of the work permitted, the applicant shall deposit a cash bond in an amount equal to the total permit fees for the permitted work. The person depositing the cash bond, by making such deposit agrees that all the undertakings, covenants, terms, conditions and agreements of the contract or contracts entered into between the principal and the property owner or its representative will be performed. The person depositing the cash bond further agrees that all persons, firms and corporations having contracts with the principal or with subcontractors and all just claims due them under the provisions of such contracts for labor performed or materials furnished in the performance of the work which is the subject of the permit shall be satisfied out of the cash deposit made pursuant to this subsection.
Any funds not disbursed by the Building Department in compliance with this subsection will be refunded to the applicant upon completion of the work for which the building permit was issued.
C. Waiver: The City building official may waive the requirement of having a surety bond if he determines that the operation authorized by any building permit is not likely to cause any damage to the public ways or to the City or to any person by reason of such operation or by reason of any obstruction or occupation of any public ways in and about the proposed operation. (Ord. 0-19-06, 2-25-2019)