123.12(A) Cash bonds. Notwithstanding the failure to complete the
and
requirements of the
and
plans, a final
may be issued to a property
upon the posting of a cash bond in the form of a certified or cashier’s check made payable to the in an amount equal to no less than 200% of the estimated cost of installing the
, as calculated by the registered
who prepared the
plans and approved by the . An administrative fee of $500.00, or 5% of the cash bond, whichever is greater, shall be included in addition to this estimated
cost, and shall be nonrefundable. In no case shall the amount of the cash bond be less than $1,000.00. In addition, the property
shall execute and deliver to the a “
and
easement and hold harmless/indemnification agreement” in a form acceptable to the and approved as to legality by the , protecting the in the event that it must exercise its rights under the bond.
123.12(B) Time for performance. The property
shall have 60 days from the issuance of the final
to complete the
and
installation in accordance with the approved
and
plan.
123.12(C) Release of cash bonds. Prior to the expiration of the 60-day time for performance period, the
who prepared the
plan shall inspect the
to determine whether the requirements of this Chapter have been satisfied and submit a written report, with the inspection as described in § 123.11(B). If the ’s final inspection reveals that the
and proposed
requirements of this Chapter have been satisfied, and the has received a
and
certification letter, hardcopy of
and
plans and an as-built AutoCAD (.dwg) file, all signed and sealed by a
, the cash bond shall be returned to the
less the administrative fee.
123.12(D) Forfeiture and use of cash bond. Upon the conclusion of the 60-day time for performance period, the entire cash bond shall be forfeited to and become the property of the , unless the bond has been released pursuant to § 123.12(C). If the bond is forfeited to the , the shall install or cause the installation of the required
and
in accordance with the
and
plan required by this Chapter. In the event that the costs to install required
exceeds the cash bond amount, the shall assess the property
for any additional costs. In the event that the costs to install required
is less than the cash bond amount, the shall retain all additional funds.
(Ord. 2010-19, passed 10-4-2010)