1990 021 Ordinance - Laserfiche WebLink

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M.V. ORDINANCE N0. 90-21 Page -3- improvements after first giving ten (10) days written notice to the owner, to proceed against the owner and against any surety on the bond for the cost thereof and to apply to the cost of such improvements any funds deposited with the Municipality or in escrow as security for performance of the conditions of the bond. The bond shall. further provide that the owner shall hold harmless the Municipality, its officers and employees from all claim., demands and causes of action of every nature and description. arising out of the installation of such improvements within the owner's property, conditions existing during the construction or installation of such improvements and. all damages to neighboring property, including, without limitations, damages resulting form. increase in surface water flowing from the property and all claims arising out of changes to natural ditches or drainage courses. The terms "claims, demands and causes of action," shall include all. expenses of defending against such claims, demands and causes of action, including fees payable to attorneys and expert witnesses, wages paid. to Municipal employees while occu- pied in defense of such claims, demands and causes of actions and wages or salaries reimbursed by the Municipality to Municipal officers to compensate them for wages and salaries lost while engaged in such. defense. The form of each performance bond shall be approved in writing by the Director of Law. (B) Security for Bond. Performance bonds shall be secured as follows: (1) By the written guarantee of one or more surety companies authorized to conduct business within the State of Ohio. The form of guarantee shall be approved in writing by the Director of Law. The Director may reject a performance bond in the event that he reasonably determines that the assets of the surety company or companies, subject to attachment within the State of Ohio, are sufficient to secure perfor- mance of the owner's obligations, taking into account other outstanding liabilities and. contingent liabilities of the surety company or companies; or (2) By deposit of cash in the full face amount of the bond, with the Municipality or with an escrow agent or trustee. In the event funds are deposited with an escrow agent or trustee, all documents or instruments governing the terms of such deposit shall be approved in writing by the Director. (C) Amount of Bond. The amount of performance bonds shall be determined by the Municipal Engineer and shall be in an amount equal to the estimated total cost of materials and labor required to install or construct all improve- ments required by the Rules. The amount of a perfor- mance bond shall include estimated damages, if any, to