(A) Prior to the issuance of a permit to move a building, the owner or lessee of the property upon which the building is to be located shall file with the Village Clerk a corporate surety bond, conditioned as follows: that all of the work required to be done to complete the relocation, alteration and reconstruction of the building pursuant to the conditions of the permit shall be fully performed and completed within one year.
(B) The bond shall be in a principal amount equal to the estimated cost of the work proposed to be done plus 10% thereof, and shall name the village as obligee, and shall be in a form approved by the Village Attorney.
(1994 Code, § 33-9-8)