(a) The developer may execute and file with the Village or with the County, as the case may be, financial guarantees, in lieu of actual installation or completion of the required site improvements, concurrently with the application for approval of the final plat. Such guarantees may be one or a combination of the following: performance or surety bond, cash deposit, certified check, or negotiable bonds or such other guarantee as is acceptable to the Village. He shall also post a satisfactory guarantee of payment of all inspection fees for inspection of such improvements by the Village or County, whichever jurisdiction shall inspect the improvements. The guarantee shall assure completion of required improvements within one year from approval of the final plat or such other period of time as determined by the Commission.
(b) The Village Solicitor shall approve the form of the performance guarantee.
(c) The amount of a cash deposit, certified check, or negotiable bond performance guarantee shall be an amount equal to one-half of the estimated cost of the improvements to be installed. The amount of any other performance guarantee shall be an amount equal to the entire estimated cost of the improvements to be installed. Such costs shall be determined by the Village Engineer upon submission of cost estimates by the developer. When any portion of an improvement has been completed to the satisfaction of the Village Engineer, a reduction in the amount of the performance guarantee may be authorized, such reduction representing no more than the cost of that portion of the improvement completed.
(d) In the event that the developer fails to complete all improvements within the time specified in the performance guarantee, the Village, after giving proper notice to the developer, may complete the same and appropriate such portion of money or bonds posted for the performance of such work as is necessary to pay for completion of the improvements.
(e) No building occupancy shall be permitted until improvements are complete and accepted by the Village.
(f) Release of performance guarantees shall be made only after the Village has approved the site improvements and after a maintenance bond in the amount of three percent of the improvement costs is furnished the Village, assuring that the contractor and/or the developer shall repair and maintain any defects in the improvements for a period of one year after approval of the site improvements by the Village. Release of guarantees securing payment of inspection fees shall not be made until such time as all fees are paid the Village.
(Ord. 849. Passed 3-12-73.)
CODIFIED ORDINANCES OF BYESVILLE