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(A) If construction has not been completed and approved by the village engineer before the final plat is submitted to the Village Board, security in the amount equal to 110% of the estimated construction costs (including but not limited to grading, drainage, detention ponds, paved and unpaved swales, roadway, sidewalk, sewer, waterlines and appurtenances, erosion control devices and vegetative cover, and other improvements which benefit the subdivision generally) of the Subdivision Improvements shall be filed with the Zoning Administrator in order to insure completion of the Subdivision Improvements as required by this chapter within a reasonable length of time without cost to the village. The form and sufficiency of security shall be subject to the approval of the village attorney and the village's consulting engineer. Security may be in the form of a bond issued by a commercial surety licensed to do business in the State of Illinois, or it may be in the form of an irrevocable letter of credit issued by an Illinois or national bank of at least one year in duration, which provides for automatic annual renewals thereof unless at least 60 days prior to the expiration of its term or any renewal thereof, written notice of non-renewal is sent by certified mail to the village.
(B) The bond or letter of credit shall by its terms secure payment not only the construction of the Subdivision Improvements but also of any additional review and inspection fees charged by the village engineer and imposed by the village pursuant to § 155.052 of this chapter.
(C) Upon acceptance of Subdivision Improvements by the village, a one-year warranty period shall be in effect during which period security shall be provided to insure that latent defects in materials and workmanship will be corrected at the subdivider's expense.
(Ord. 94-01, passed 1-25-94; Am. Ord. 12-21, passed 6-12-12; Am. Ord. 16-35, passed 6-28-16)