(a) Performance Bond. Prior to the start of any sanitary sewer construction, the owner or developer of the sanitary sewer system shall deposit with the Director of Finance a bond in the sum equal to 100 percent of the cost of construction of such sanitary sewer system, executed by an authorized surety to the satisfaction of the Village.
(b) Maintenance Bond. Prior to the release of the performance bond, the owner or developer of the sanitary sewer system shall deposit with the Director of Finance a bond in the sum of ten percent of the cost of construction of such sanitary sewer system, executed by an authorized surety to the satisfaction of the Village. This bond shall be for a period of one year or more, and in no instance shall the performance bond and maintenance bond be less than a period of two years. (Ord. 86-1968. Passed 12-3-68.)