(a) Establishment of the Guarantee. The Village Engineer may require the submittal of a financial guarantee, the form and type of which shall be acceptable to the Village Engineer and/or Village Attorney. The financial guarantee shall be in an amount determined by the Village Engineer to be the estimated cost of construction and the estimated cost of maintenance of the stormwater management practices during the period which the designated party in the maintenance agreement has maintenance responsibility. The financial guarantee shall give the Village of Edgar the authorization to use the funds to complete the stormwater management practices if the responsible party defaults or does not properly implement the approved stormwater management plan, upon written notice to the responsible party by the administering authority that the requirements of this Chapter have not been met.
(b) Conditions for Release. Conditions for the release of the financial guarantee are as follows:
(1) The Village Engineer shall release the portion of the financial guarantee established under this Section, less any costs incurred by the Village of Edgar to complete installation of practices, upon submission of "as built plans" by a licensed professional engineer. The Village Engineer may make provisions for a partial pro-rata release of the financial guarantee based on the completion of various development stages.
(2) The Village Engineer shall release the portion of the financial guarantee established under this Section to assure maintenance of stormwater practices, less any costs incurred by the Village of Edgar, at such time that the responsibility for practice maintenance is passed on to another entity via an approved maintenance agreement.