Subsequent to the time that the plat of subdivision is approved by the Village, but prior to the construction of public improvements, the developer must provide the Village with an irrevocable letter of credit or an irrevocable letter of guarantee from a banking or savings and loan institution organized to do business in the State of Illinois, which letter of credit or guarantee shall be in an amount equal to one hundred ten percent (110%) of the estimated costs of all public improvements required by this Chapter as approved by the Director of Engineering and Community Development. Said letter of credit or guarantee shall set forth the expected date of completion of said public improvements and, thereafter, provide for the Village to draw on said letter if such improvements are not timely completed and approved by the Director of Engineering and Community Development. The Village will permit the amount in any letter of credit or guarantee to be reduced from time to time provided:
A. The Director of Engineering and Community Development has approved those improvements that are completed and for which a reduction is being requested; and
B. The remaining amount of the letter of credit is sufficient to cover the cost of completing the public improvements not yet completed or approved plus an amount equal to ten percent (10%) of the completed improvements, which latter amount shall be for the purpose of interim maintenance of approved improvements until such time as all work is approved and accepted by the Village and a permanent two (2) year maintenance bond or other approved security is submitted to the Village.
(Ord. 1431, 1-13-1981)