A. Insurance: Before issuance of any such permit, the contractor or person proposing to construct any such driveway, culvert, ditch, swale or drainageway or change or cause to be changed the existing elevation of real estate in the village which should interfere with, obstruct or tend to obstruct any street right of way, sidewalk, alley, ditch, culvert or drainageway on public or private property shall file with the village clerk, on a form acceptable to the village, evidence that such contractor carries public liability and property damage insurance in the amount of one hundred thousand dollars ($100,000.00), naming the village harmless and its elective and appointive boards, commissions, officers, agents and employees as additional insured to cover claims which may arise out of performance of the work by the applicant. All such bonds shall be continuing until terminated by notice in writing to the village given thirty (30) days in advance. (Ord. 88-240, 2-8-1988)
B. Bond: Before issuance of a permit, the applicant shall be required to post a cash bond or other security with the village in a form satisfactory to the village, such security to be to the benefit of the village. Such security shall be in the amount of one hundred twenty five percent (125%) of the determined cost of construction of the proposed improvement or improvements and shall be conditioned upon the faithful observance of this chapter, the permit issued and any plans accompanying the permit. In lieu thereof, the village, in its sole discretion, may require a one thousand dollar ($1,000.00) cash security deposit for minor improvements. Said deposit shall be refunded following inspection and approval of the improvement by the village. In cases where an occupancy permit is required, the village may, in its sole discretion, retain the security required by this subsection and withhold issuance of an occupancy permit until inspection and approval of the project by the village. No cash bond shall be required if a contractor has deposited a road and site bond in accordance with subsection 8-1-1A3 of this title. (Ord. 2004-663, 8-3-2004; amd. Ord. 2008-754, 6-3-2008)