Before the village issues any permit, the permit applicant or person proposing to construct such improvements shall file with the village, on a form approved by the Village Attorney, a performance bond listing the village as the beneficiary and in the amount of $10,000.00 or an amount as calculated on the Village of South Elgin permit application, whichever is greater. This bond will assure all work, including restoration, is performed in accordance with this code and the Village of South Elgin Engineering Design & Inspection Policy Manual. The performance bond must be an original copy issued by the bond insurance carrier, and/or agent; facsimiled copies will not be accepted. The bond insurance carrier and/or agent shall hold harmless, defend and indemnify the village against or on account of accidents, damages, or claim arising out of or during the construction of any improvement constructed pursuant to the permit. All such bonds shall be valid for a minimum of a one-year term, and the permit applicant shall be responsible for maintaining a bond at ail times during the construction of the improvement. Exercising his sole discretion, the Director may waive the bond requirements if presented with proof of adequate insurance. All such waivers shall be in writing.
(Ord. 2014-23, passed 6-16-14)