§ 154.299 RELEASE OR EXERCISE OF SURETY.
   (A)   In case of default of performance, the village, upon ten days’ notice, may undertake the completion of the required improvements, assigning the cost against the amount of the guarantee to be paid by the surety. Notice to the property owner shall be directed to the address given by the owner in the initial application.
   (B)   Whatever the type of surety used, the guarantee will not be released until the Village Engineer has certified that the required improvements have been completed according to specifications. A default will be declared upon expiration of the time allowed for completion of all improvements. The time allowed for installation of the improvements for which the performance guarantee has been provided may be extended by the village beyond the completion deadline for good cause and upon extension of the financial security. In cases of exercise of the security, the proceeds from the guarantee will reflect:
      (1)   The cost of inflation of the labor and materials needed to complete the improvements;
      (2)   The special administrative costs associated with declaring a default, bidding, or programming the project, and completing the project; and
      (3)   The unforeseen costs of remedying the damage, deterioration, or faulty workmanship associated with the work already undertaken.
(Prior Code, § 154.271) (Ord. 48, passed 6-21-2005)