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<br />r <br /> <br />as stated in Section 9 of Part I of this ordinance. Such person, business, <br /> <br />corporation or other entity shall also be obligated to file with the Clerk- <br /> <br />Treasurer of the Civil Town of Mooresville, Indiana, a coprporate surety bond <br /> <br />in the principal sum of Ten Thousand Dollars ($10,000.00), as assurance to <br /> <br />the Board of Trustees that each of such person, business, corporation or other <br /> <br />entity shall fully comply with the provisions of Part I of this Ordinance, as <br /> <br />to construction, maintenance, repair, alterations, cutting of, construction or <br /> <br />reconstruction of public streets and alleys within the Civil Town of Mooresville, <br /> <br />Indiana. <br /> <br />Section 4 <br /> <br />In the event any such person, business, corporation or other entity shall <br /> <br />fail to comply with the posting of such surety bond in the principal sum of <br /> <br />Ten Thousand Dollars ($10,000.00), to assure compliance with Part I of this <br /> <br />Ordinance, permits as are provided for in Part I of this Ordinance, shall <br /> <br />not be issued until compliance is had. <br /> <br />Section 5 <br /> <br />Forfeiture of Performance Bond. The permit holder. will forfeit the <br /> <br />performance bond under the following conditions: <br /> <br />1. The permit holder fails to complete the work within the prescribed <br /> <br />time and fails to acquire a new permit. <br /> <br />2. The permit holder, after being duly notified, fails to take remedial <br /> <br />action within three (3) working days and complete the repairs within <br /> <br />ten (10) working days. <br />3. The permit holder fails to pay all charges and assessments within <br />sixty (60) days. <br />Section 6 <br />The Board of Trustees of the Civil Town of Mooresville, does hereby delegate <br /> <br />to the Mooresville Street Superintendent the power and authority, upon written <br /> <br />request being made by any person, business, corporation or other entity, to <br /> <br />permit the issuance of a permit without the posting of a Ten Thousand Dollar <br /> <br />($10,000.00) surety bond in the event that such Street Superintendent shall <br /> <br />determine that a sufficient cash bond can be posted to assure compliance with <br /> <br />Part I of this Ordinance. <br /> <br />Such cash bond, as shall be determined and set by the Street Superintendent, <br /> <br />shall be posted with the Clerk-Treasurer of the Civil Town of Mooresville, <br />