Road Bond Required. Upon receipt of a new residential single-family, multifamily, commercial, or industrial building permit application or applicable construction project permit, if the new construction or project location is fronting a Town road, or Town roads will be utilized to access a construction location, a road bond in the amount of $3,150 shall be collected by the Building Inspector and/or the D.P.W. Superintendent and turned over to the Town Clerk-Treasurer. Said road bond shall be deposited into a temporary segregated account that may be drawn upon, added to monetarily, or reimbursed in full or in part.
The purpose of a road bond is to ensure the vitality of Town of East Troy roads and applies only to Town roads. The road bond will be utilized as an escrow-type account with any excess funds being refunded back to the person who posted the road bond upon completion of new construction. The costs associated with the road bond are to cover any damage that may or may not occur during the construction process. The road bond shall also be utilized to pay for damage that has occurred to a Town road right-of-way during construction. The Town of East Troy shall use its discretion to determine whether to draw from the road bond or refund it in whole or in part. If more damage is done to the road or road right-of-way than held in the road bond, additional funds may be necessary to cover the cost of repair.
Upon written notification that a construction project has been completed, the Town Building Inspector and D.P.W. Superintendent, and/or his or her designee, shall inspect the Town road abutting the construction project, the Town road right-of-way, and all Town roads utilized to access the construction location to ensure that no damage is present that can be attributed to the property owner and/or contractor(s) or subcontractors. The Town Building Inspector and D.P.W. Superintendent will submit approval to the Town Clerk-Treasurer to release the road bond funds if no damage has occurred. The Building Inspector or D.P.W. Superintendent may also partially refund the road bond or request additional monies be collected due to damage that has occurred above and beyond the $3,150 deposit. One hundred fifty dollars of the road bond is a nonrefundable administrative fee that is not subject to be refunded.
In the instance where the original road bond payor is not available or cannot be found (deceased, bankrupt, or other unknown reasons) and all reasonable efforts have been made to refund the road bond, the funds will be treated as unclaimed monies under the Uniform Unclaimed Property Act. Pursuant to Wis. Stat. Ch.
177, unclaimed intangible personal property that remains unclaimed by the owner for more than one year after it became payable or distributed is presumed to be abandoned and will be paid to the State Treasurer.
There may be times when the original road bond payor does not request release of the road bond. Once a year the Town Clerk-Treasurer and Building Inspector shall review all road bonds and refund those bonds where the work has been satisfactorily completed without harm to Town roads or to Town road right(s)-of-way.