(a) A cash bond must be submitted to the Village prior to the issuance of a building permit for any construction project involving the pouring of more than two cubic yards of concrete or two tons of asphalt for sidewalks, patios, drives, exterior flatwork, footings or foundations. The amount of such bond shall be based on the following scale:
Construction Cost Cash Bond Requirements
$100.00 to $2,000 $100.00 residential
$1,500 commercial
$2,000 to $25,000 $200.00 residential
$1,500 commercial
$25,000 and over $300.00 residential
$1,500 commercial
(b) The Village may retain such portion of the cash bond deposited by the permittee as may be needed to pay for the cost of repairing, restoring or reconstructing any property of the Village which such permittee may have damaged or destroyed in the construction or installation of the building or structure covered by the permit. The Village shall, upon the cancellation or expiration of a building permit or upon the issuance of a certificate of occupancy or certificate of completion, return to the permittee as much of the cash bond as is not required to reimburse the Village for damage to Village property.
(Ord. 742. Passed 9-24-90.)