(A) Prior to commencing any work within public ways of the Village that exceeds twenty five thousand dollars ($25,000.00) in value, the company shall furnish the Village with a construction bond written by a corporate surety authorized to do business in Illinois, equal to one hundred percent (100%) of the estimated cost of the system, or portions of the system, to be constructed, modified, repaired, or replaced within the public ways of the Village, or one hundred thousand dollars ($100,000.00), whichever is less. Such instrument shall be in a form acceptable to the Village.
(B) The construction security shall remain in force until sixty (60) days after substantial completion of the work, as determined by the Village Engineer, including restoration of public ways and other public or private property affected by the construction. After expiration of said sixty (60) day period, the construction security shall be released and the instrument shall be canceled.
(C) The construction security shall guarantee:
1. Timely completion of construction;
2. Construction in compliance with applicable plans, permits, technical codes and standards;
3. Proper location of the facilities in the public ways of the Village as specified in plans approved by the Village; and
4. Restoration of the public ways and any other public property affected by the construction within the public ways.
(D) Notwithstanding the construction security provided by the company, the company is responsible for completion of all construction work, including restoration, in accordance with the permit and approved plans for such work, and the material requirements of this chapter and the franchise agreement. Any default or breach in performance of such work shall be promptly cured by the company. (Ord. 00-O-12, 5-8-2000)