[Added 5-22-2017 by Ord.
No. 2017-12]
As used in this article, the following terms shall have the
meanings indicated:
ESCROW
Cash or a letter of credit as required by this article.
PRINCIPAL
The owner, general contractor or other person doing the work
regulated by this article.
WORK
Excavation or construction work for which a Village permit
is required.
The escrow shall be held by the Village for the purposes stated in §
125-6 above until the work is fully completed and a certificate of occupancy or other final approval for the work has been issued; provided, however, that the escrow may be held for up to 24 months after such date in any case where the Village Manager determines that damage caused or threatened by the work may not be fully manifested or known by such date.
Any amount withdrawn from the escrow pursuant to this article
shall be replenished by the principal within 10 days after such withdrawal.
The failure of the principal to so replenish the escrow shall be a
violation of this article and grounds for revocation of any permit
or approval authorizing the work and for issuance of an order stopping
the work.
Provided that no notice given pursuant to §
125-9B above remains unresolved, any amount remaining in any escrow as of the date specified in §
125-8 above shall be returned to the principal from which it was received within 30 days after such date. No interest shall be paid on any escrow.
Every permit authorizing any work shall be deemed to be conditioned
upon the principal's acceptance of, and agreement to abide by, the
provisions of this article. Commencement of the work pursuant to any
such permit shall be deemed to be the principal's acknowledgement
and acceptance of such condition, whether or not such condition is
expressly stated on such permit.
The amount of any escrow established pursuant to any other code,
ordinance, or regulation of the Village prior to the effective date
of this article shall be adjusted if necessary to be not less than
the amount required by this article and, as adjusted, shall be held
pursuant to the terms of this article.