(A) Each applicant with a project that the Director determines has a cost of work of $25,000 or more must deposit with the town an amount in cash or a performance bond of 100% of the amount of the cost of work proposed in the application, as determined by the Director, as a guarantee that the work will be completed in accordance with the permit and the town’s adopted or approved details and specifications. If the applications solely for the placement of a structure in the right-of-way which will require disturbance of the roadway or other public facilities, the amount of the cash deposit or bond shall be 100% of the estimated cost of restoration of the roadway or public facility.
(B) The bond required under division (A) above shall be joint and several in form and made payable to the town. The bond shall be signed by the applicant, or the property owner if he or she is not the applicant, and a qualified surety company authorized to transact business in the state. The condition shall be that the applicant will faithfully complete the work described in the application in accordance with the plans, specifications and conditions thereof.
(C) The bond required under division (A) above shall be released upon satisfactory completion and acceptance of the work, or may be cancelled after the applicant has provided other security satisfactory to the town, which will cover obligations that remain.
(D) No deposit shall be less that $50 on work done under this subchapter.
(E) The bond required under division (A) above is subject to cancellation as noted above, or may be terminated after all obligations are fulfilled which were “permitted” prior to the Director receiving cancellation notice from the surety. The surety shall not cancel, change or amend any bond without ten days’ prior written notice having been served on the Director.
(Prior Code, § 19-1-3) (Ord. 01-11, passed - -2001; Ord. 21-04, passed 5-11-2021)