(a) Before consideration of the whole, or a geographical part, of a final plat by the Planning Commission, all improvements required by Section 1224.12 for the part considered shall have been constructed, or, in lieu thereof, a performance bond shall have been furnished.
(b) The performance bond shall be in an amount equal to the estimated cost of all improvements, plus ten percent, and shall be conditioned upon the full and complete performance by the subdivider, by a date set in said bond, of all the obligations, terms and conditions, including the construction and installation of all improvements, undertaken by the subdivider or required by these Codified Ordinances or by Federal or State law, which obligations, terms and conditions shall be set forth in the bond. Neither the whole nor any portion of said sum shall be released until such time as construction and installation of streets, curbs, gutters and street lights have been completed in full, nor except upon resolution duly adopted by Council.
(c) The term "estimated cost of all improvements" shall mean the estimate of the City Engineer, or the contract bid price as submitted to the subdivider by a reputable contractor, of the total cost of full and complete performance of the obligations, terms and conditions set forth in the bond.
(d) The security for such bond shall be, in the alternative, either cash, a corporate surety duly licensed to do business in the State of Illinois, or two individual sureties, each of whom shall submit satisfactory proof that he or she is the then fee simple owner of unencumbered real estate situated in Stephenson County, Illinois, of the then fair market value of double the amount of the bond. If cash security is given it shall be deposited in escrow in any bank in the City, under an escrow agreement which shall be expressly conditioned upon and subject to all of the terms of the bond.
(e) In the case of cash security, the City Council, in its sole discretion, by resolution, may, from time to time as the subdivider proceeds with performance of the obligations, terms and conditions of the bond, release to the subdivider a proportionate part of the cash security.
(f) In the case of individual sureties, the City may record the bond, or a notice of lien, in the Recorder's Office of Stephenson County, Illinois.
(g) All costs and expenses, including escrow fees, bond premiums, and recording and filing fees, shall be paid by the subdivider, and the City Council may provide that the subdivider deposit in advance a reasonable sum to apply to such costs and expenses.
(h) All performance bonds shall be subject to approval, as to form, content, substance, amount, security, obligations, terms and conditions, by the City Council by resolution, and may be substantially in the following form:
SUBDIVISION PERFORMANCE BOND
Know all men by these presents, that _________________________ as principal, and ____________________________________ and _____________________________, as sureties, are held and firmly bound unto the City of Freeport, Illinois, a municipal corporation, in the sum of $__________ for the payment of which sum we hereby jointly and severally bind ourselves, our heirs, assigns and personal representatives.
The condition of this obligation is such that:
WHEREAS, said principal has presented to the City of Freeport, Illinois, for its approval a certain plan of a proposed subdivision to be known as ___________________ which plan is made a part hereof by reference, subject to performance by said principal of certain obligations, terms and conditions.
NOW THEREFORE, if the said __________________________________, principal, shall perform the following obligations, terms and conditions:
(Here set forth in separately numbered paragraphs each obligation, term, condition and improvement to be performed and completed by principal.)
which obligations, terms and conditions, and each of them, shall be fully performed on or before ____________, 19___, and all of which shall be performed and completed in conformance with standards, plans and specifications accepted, approved or established by the City of Freeport, Illinois, then this obligation to be void, otherwise to be and remain in full force and effect.
If this ia a cash bond, there is attached hereto and made a part hereof an escrow agreement executed by _______________________ Bank of Freeport, Illinois, certifying that it holds an escrow deposit of $___________ cash subject to the terms of this bond and the provisions of the ordinance providing for such bond, and that neither the whole nor any portion of said sum shall be released except upon resolution duly adopted by the City Council of the City of Freeport, Illinois.
If individual sureties execute this bond there is attached hereto and made a part hereof the statement, affidavit and acknowledgement of each setting forth the legal description of real estate situated in Stephenson County, Illinois, of which he is the fee simple owner, free of dower and homestead rights and interests. The execution of this bond by such sureties shall make and constitute the same a lien on all of said real estate, and the City of Freeport, Illinois, shall have the right to record this bond, or notice of lien, in the Recorder's Office of Stephenson County, Illinois.
Executed at Freeport, Illinois, this _________ day of ____________ 19___
Principal (SEAL)
Surety (SEAL)
Surety (SEAL)
(i) In the event the conditions of the bond are not performed, the City may proceed with the performance and hold the subdivider and the surety responsible for the cost and expense.
(j) Upon completion of construction the subdivider shall provide a surety bond or cash bond to the City in the amount of twenty percent of the cost of all improvements specified under Section 1224.12(b) running to the City of Freeport, Illinois, for a period of two years after completion of construction. The condition of said bond shall be that if the work and materials for said improvements are not found to be defective during said two-year period the bond shall be released. Otherwise said bond shall remain in full force and effect and the principal and surety thereon or the cash shall be used for the repair or correction of defective work. During the two-year period the subdivider shall be responsible for all maintenance and repair of said improvements. On a surety bond the surety shall be a corporate surety insurance company.
(1977 Codes § 67-107; Ord. 79-8. Passed 3-5-79; Ord. 80-46. Passed 6-16-80; Ord. 94-80. Passed 9-19-94; Ord. 2013-10. Passed 3-4-13.)