The purpose of this article is to specify when it may be permissible
for an individual or entity to work within the right-of-way owned
or maintained by the Village of Lima, and the conditions and/or requirements
consequent upon being permitted to perform such work within the right-of-way.
Apart from and in addition to any permit fee, the permit applicant
shall be required to post a cash bond equal to 150% of the cost of
completion of the work to be performed for the purpose of securing
the integrity and good condition of the public right-of-way, including
its improvements and enhancements. The amount of the cash bond shall
be determined by reference to a work order or contract between the
applicant and its customer, but such work order or contract must be
deemed to be reasonably correct, sufficient, and verifiable by the
Village Superintendent of Public Works. Said bond shall be remitted
to and held by the Village Clerk in a non-interest-bearing account,
and shall be returned to the permit applicant only when the Superintendent
of Public Works has authorized its return upon inspection and satisfactory
approval of the completed work within the street or right-of-way.
This article shall be effective immediately upon filing thereof
with the Secretary of State.