The bonding requirements for building permits issued by the City of Greendale Building Department are set out in §§ 150.20 through 150.25 of the Greendale Code of Ordinances. All bonds shall name the "City of Greendale" as the beneficiary of the bond and shall run for a minimum of one year. A certificate of insurance is not acceptable for bonding purposes. The bond must name the City of Greendale exclusively and shall not be subordinate to any other claims against the bond. The same bond may not be used for more than one permit except as authorized by the annual building construction bond procedure found in § 150.24.
RESIDENTIAL BUILDING CONSTRUCTION. Construction of new homes, driveways, renovation and/or construction of additions to existing homes, construction of accessory structures (barns, garages, etc.), and construction of any other structures on land used for residential purposes.
BOND AMOUNTS REQUIRED.
(A) The bond amount for residential construction is $5,000. For subdivisions, additional bonding requirements are required, and information about subdivision bonding requirements can be found in the Greendale Unified Development Ordinance.
(B) If the City of Greendale determines that there is a higher risk to city infrastructure or that the permitted work is larger or more complex than normal permitted work, the Greendale Building Department reserves the right to recommend that the bond requirement be increased after reviewing the application for the permit and before approving the permit. For large or complex projects, an engineer's estimate, to be reviewed and approved by the City Engineer, or an Engineer designated by the Mayor, may be requested to determine the bond amount. If there is a question, the applicant should contact a permit inspector.
(C) Any entity causing damage to city infrastructure shall be liable to the City in the full amount of the damage, including any amount above the bond.
The Greendale Building Department may allow applicants who intend to file for multiple residential building permits to have an annual residential building construction bond rather than filing multiple bonds for each construction project. The minimum annual residential building construction bond amount requirement is $25,000. The annual permit bond shall be written so that it automatically renews, unless the surety gives written notice 60 days prior to the annual expiration date. The written notice must be sent by certified mail to the Greendale Building Department, Attn: Greendale Building Commissioner, 510 Ridge Avenue, Greendale, Indiana, 47025. Annual bonds are not available for commercial building construction, and each project must be bonded individually.
BONDS AND LETTERS OF CREDIT.
All bonds shall be issued by an insurance company authorized to do business in the State of Indiana. Letters of credit may not be posted in lieu of the bonds required by this chapter.