This ordinance establishes a dedicated non-reverting fund to hold the One Million Dollars ($1,000,000) received when the surety bond payment on Bond Number 1160465 was called due to failure by Meridiam Infrastructure North America Corporation's subcontractor (AEG) to properly install fiber within the City limits. Damages were incurred by the City and certain Notice of Violations were issued by the City of Bloomington Engineering Department against AEG, who was working on Meridiam's behalf, for violations of Title 12 of the Bloomington Municipal Code regarding work performed in the right of way. Appropriations of the funds will be requested by the City of Bloomington Controller to the City Council at a later date.
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