A. Required: Before issuance of a permit, the applicant shall be required to post an irrevocable, unconditional letter of credit or refundable cash deposit with the village in a form satisfactory to the village, such completion security to be to the benefit of the village. Such completion security shall be a minimum of one thousand five hundred dollars ($1,500.00) or an amount deemed by the village in cooperation with its consulting agents and officers to be sufficient to cover cost of improvements shown on the site development plan including the landscape installation and its maintenance for such period of time as may be specified by the village, engineering, inspection fees, and all incidental expenses. The term of the completion security shall commence on the date the application is granted and remain in full force and effect until completion of the work to the satisfaction of the village. In the event the village shall have to complete the work specified in the application, the completion security may be drawn upon and applied for the payment of all necessary costs and expenses incurred until completion of the work to the satisfaction of the village. Where the security has been in the form of a cash deposit, said deposit or any unused portion thereof shall be refunded to the permittee upon certification of satisfactory completion by the village. In the event that all work subject to such completion security has not been completed, the village may utilize any of the completion security for the purpose of completing work required regardless of the purpose for which the completion security was originally provided.
B. Liability Insurance: The village shall require that the applicant furnish evidence satisfactory to the village that he carries public liability and property damage insurance in the amount of one hundred thousand dollars ($100,000.00), naming and holding harmless the village, its elective and appointive boards, commissions, officers, agents and employees as additional insureds to cover claims which may arise out of performance of the work by the applicant. (Ord. 07-4-6, 4-17-2007)