§ 66-56. Security fund.

(a)

In the land development director's discretion and prior to the registrant receiving its first permit to place or maintain facilities in the rights-of-way, the registrant shall provide an annual surety bond in an amount set by the land development director. The bond or guaranty shall be issued by a surety qualified to do business in the state, and acceptable to the finance director, and shall be conditioned on the full and faithful performance by the registrant of all requirements, duties and obligations imposed upon registrant by this Code. The bond shall be furnished annually to provide a continuing guaranty of the registrant's full and faithful performance, until such time as the land development director may remove the requirement for the security fund.

(b)

In the event registrant fails to perform the duties and obligations imposed upon registrant, there shall be recoverable, jointly and severally from the principal and surety of the bond any damages or loss suffered by village as a result, including the full amount of any compensation, indemnification or cost of removal or abandonment of any property of registrant, plus reasonable attorneys' fees, up to the full amount of the security fund.

(c)

The land development director may accept a corporate guaranty, under the same terms and conditions as (a) and (b) above, of the registrant or its parent company in lieu of a bond, provided the registrant is a publicly traded company and maintains an insurance rating of no less than A-.

(d)

The provision of a security fund, if required, shall not waive any claims or remedies a registrant may have under applicable law with respect to provisions of the code or application thereof.

(Ord. No. 2015-28, § 3, 9-25-2015)