(A) (1) No work shall be started on any improvement until the applicant has posted a guarantee in the amount equal to 110% of the estimated costs of the subdivision improvements, as approved by the Village Engineer, in order to insure that the work is performed according to the plans and specifications and according to good engineering and installation practices. The performance guarantee shall also be sufficient to secure all lot improvements on the individual lots of the subdivision, as required in these regulations, and shall be conditional upon the installation of the required improvements within two years from the date that the final plat is approved by the Board of Trustees. The performance guarantee shall comply with all statutory requirements and shall be satisfactory to the Village Attorney as to form and manner of execution and shall be approved by the Village Board as to the amount and surety and conditions satisfactory to the Village Board.
(2) The performance guarantee shall be secured by an instrument of a type permitted in § 3 of the Illinois Public Construction Bond Act, ILCS Chapter 30, Act 550, § 3, as amended from time to time.
(B) A performance guarantee shall be reduced only upon recommendation of the Village Engineer and approval by the Village Board upon application for payout by the subdivider in amounts such that funds or credit remaining will always equal 110% of the value of the uncompleted work, as determined by the Village Engineer; and such that not more than 90% of the guarantee amount is released prior to the acceptance of the improvements by the village in accordance herewith.
(C) The village shall not release the performance guarantees until there has been filed a maintenance guarantee in accordance herewith and not until there has been an acceptance of the improvements by the village according to the provisions hereof.
(D) The village shall refund and/or release the performance guarantee as set forth in § 3 of the Illinois Public Construction Bond Act, ILCS Chapter 30, Act 550, § 3, as amended from time to time.
(1981 Code, § 22.501) (Ord. 88-15, passed 11-7-1988; Am. Ord. 94-31, passed 11-7-1994; Am. Ord. 18-17, passed 7-9-2018)