PERFORMANCE BOND
All commercial or residential buildings to be constructed, repaired
or altered by the owner (not a contractor) shall post a cash bond
if the estimated construction cost of the project, repair or alteration
equals or exceeds $5,000.00.
A $500.00 cash bond shall be posted for all construction projects,
repairs or alterations with an estimated construction cost between
$5,000.00 and $8,000.00.
A $1,000.00 cash bond shall be posted for all construction projects,
repairs or alterations with an estimated construction cost of $8001.00
or more.
The Building Commissioner shall have the right to determine the
estimated construction cost of the project.
The cash bond must be in the form of a Certified Check, made payable
to the City of Mishawaka. The City Controller's Office will hold
the Certified Check until the Building Commissioner or his designee
approves that the project has been completed within the date set
forth on the signed building permit application, and that all State
and City Building Codes have been satisfied.
If the construction project does not meet these requirements without
just cause, the cash bond will be forfeited, and the Certified Check
will be deposited into the City's General Fund.
BY AFFIXING MY SIGNATURE BELOW, I VERIFY THAT I HAVE READ THE PORTION
OF CITY ORDINANCE #3591 PERTAINING TO CASH BONDS AND UNDERSTAND
THAT I MAY FORFEIT THE MONEY IF I DO NOT MEET THE REQUIREMENTS SET
FORTH THEREIN.
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