(A) Any owner or subdivider filing an application for approval of a final plat shall submit a statement of agreement that: the land improvements required by § 15.25.055 hereof shall be completed by the owner or subdivider in accordance with plans and specifications approved by the Village Engineer and Village Council and all inspection fees required by § 15.25.065 and one set of plans and specifications showing the improvements as installed shall be paid to or filed with Village Clerk 90 days following the approval of the final plat by the Village Council.
(B) A completion bond shall be posted by the owner or subdivider with the Village Clerk prior to recording of the final plat. The completion bond shall be a penal sum sufficient to cover the cost of the land improvements required by § 15.25.055 hereof, or in lieu of a bond, a deposit of cash, or other security or guarantee acceptable to the Village Council. The cost for the completion of the required land improvements shall be in accordance with cost estimates prepared by the developer’s/subdivider’s engineer and approved by the Village Engineer and Village Council. If a completion bond, or deposit of cash, or other security or other guarantee is posted, there shall be good and sufficient surety thereon, as approved by the Village Council and be in such form as approved by the Village Attorney and conditioned upon the installation of the improvements and payment of inspection fees, within two years following the approval of the final plat. If cash or other security is deposited, it is to be used insofar as it is sufficient to the cost of making such improvements, including inspection fees. Any unused balance will be returned to the depositor. There shall be no reduction of that portion of the bond or other guarantee or deposit applying to a particular improvement, unless or until that improvement is complete and accepted or approved by the Village Council, except that upon the completion of the subgrade base course and one-half of the thickness of the wearing surface course of a street, alley or parking area, the Village Council may reduce that amount of that portion of the bond or other guarantee or deposit covering the land improvements but those reductions shall not be more than an amount equal to 90% of the estimated cost of installation of the subgrade and base course.
(C) The completion bond shall be acknowledged before a notary public by the principal and surety and shall be in substantially the same form.
KNOW ALL MEN BY THESE PRESENTS, THAT: WE, ______________________________ _______, as principal and as surety, are firmly bound to the Village of Gardner, Illinois in the penal sum of $ ____, lawful money of the United States of America, for the payment of such sum, well and truly to be made, we bind ourselves, our heirs, executors, administrators and assigns, jointly and severally, by these presents.
The condition of the above obligation is such that:
WHEREAS, ________________________________________________________has obtained, according to law and ordinances of the Village of Gardner, approval of the Plat of the Village of Gardner in Grundy County, Illinois, Conditioned upon:
(a) that by ________________ date the making of certain land improvements to-wit: _____________________
___________________________________________________ as more fully described in plans dated ___________________________ and prepared by ________________; and (b) the execution and delivery of this bond.
NOW, if the said ____________________________________ shall well and faithfully and in a good and workmanlike manner of good materials according to law and ordinances of the Village of Gardner, and in conformity with said plans dated ______________________ construct said improvements, and pay all inspection fees payable to said Village by reason of such construction.
THEN THIS OBLIGATION shall be null and void; otherwise the same shall remain in full force and effect.
IN WITNESS WHEREOF, we have hereunto set our hands and seal this _______ day of ___________, 20____.
____________________________________________
Principal
____________________________________________
Surety
NOTARY CERTIFICATE
STATE OF ILLINOIS ) SS
COUNTY OF GRUNDY )
I, ________________________, a Notary Public in and for said County, in the state aforesaid, do hereby certify that ________________________________ personally known to me to be the same names are subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that they signed the above instrument as their own free and voluntary act for the uses and purposes therein. set forth.
Given under my hand and Notarial Seal this ______ day of __________, 20___.
___________________________________________
Notary Public
(D) The Village Clerk shall not certify the approval of the Village Council on the final plat until the required bond, or deposit or cash or other guarantee has been filed as required by this section. Note: The agreements, as set forth above shall not be required for subdivisions located in the unincorporated areas within one and one-half miles beyond the village limits when there is evidence that agreements are entered into between the owner or subdivider and Grundy County, except when the village standards of public improvements are of higher quality than Grundy County standards, the agreements may be required by the village.
(Ord. 254, passed 5-22-1972; Ord. G-141, passed 3-11-1996)