As a condition for the issuance of the registration to any contractor as herein provided, such contractor shall give a bond to the Village in the principal sum of ten thousand dollars ($10,000). Such bond shall be conditioned on the contractor’s performing all work to be done by him or her as a contractor in his or her trade in conformity with the laws of the State, the ordinances of the Village and the plans and specifications approved by the State or the Village. Upon default of such performance, the obligation of the bond shall become effective. The form of the bond shall be such as the Mayor prescribes and no registration shall become effective until such bond has been filed with the Inspector of Buildings, with sureties thereon approved by the Inspector.
(Ord. 1984-42. Passed 11-20-84; Ord. 2007-10. Passed 4-17-07; Ord. 2008-11. Passed 3-4-08.)