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All performance bonds or other acceptable security required under this Chapter shall be in one of the following forms:
(a) Cash Security. The subdivider may deposit a cash security with a local bank in the amount of one hundred percent (100%) of the estimated cost of the improvements (storm sewers, sanitary sewers, water lines, pavements, landscaping, sidewalks, etc.). Said security will be in favor of the Village of Hebron who will have sole control of disbursement. The local bank will be directed to pay out portions of the cash security toward the completion of said improvements to the subdivider only with the approval of the Village Engineer, who will require a balance to be maintained which in his opinion is sufficient to complete said improvements in accordance with the plans and specifications of the Village, and will authorize the release of any balance to the subdivider only upon acceptance of said improvements by Council.
The Utilities Superintendent, Community Development Coordinator and the Village Engineer, in consultation with the subdivider, will establish a time period for the completion of required improvements. In the event said improvements are not constructed within the designated time period and not maintained, the Village will have the option, after thirty (30) days' written notice to the subdivider, to complete and maintain said improvements and to collect and receive, from the local or other bank, any remaining balance of said deposit to be applied toward payment of costs and expenses of completing said improvements.
(b) Corporate Surety Bond. The subdivider may furnish a corporate surety bond in the principal amount of the estimated cost of said improvements with surety to the satisfaction of the Mayor and Council, in such a form approved by the Law Director, guaranteeing completion and maintenance of said improvements according to plans, profiles and specifications and to the satisfaction of the Village Engineer. Said bond will provide that, upon default of performance by the subdivider, the Village may complete the same after thirty (30) days' written notice.
(Ord. 19-20. Passed 11-4-20.)
In addition to the required performance bond, the Village Engineer may require a restoration bond. Said bond will be to insure repair of any damage done to existing curb, gutter, sidewalk, driveways, street pavement, landscaping, or other items within the right-of-way adjacent to a subdivision, and damages as a result of a poorly executed erosion and sedimentation control plan. The amount of said bond will be as determined by the Village Engineer based on his estimate of potential damage. Restoration bonds will be released when all damaged facilities, if applicable, have been restored to the satisfaction of the Village Engineer.
(Ord. 19-20. Passed 11-4-20.)
Bonds, deposits, or insurance policies required for the project under this Chapter by the Village Engineer, Planning and Zoning Board, and/or Community Development Coordinator will be released within thirty (30) days after all final inspections have been completed, all public improvements and related aspects of the project have been approved by the Village of Hebron, all fees have been paid, and any dedication proceeding has been completed.
(Ord. 19-20. Passed 11-4-20.)
A policy of indemnity insurance in the amount of five hundred thousand dollars/one million dollars ($500,000/$1,000,000) personal liability and one million dollars ($1,000,000) property damage protecting the Village against any claims for damage to person or property resulting from or by reason of the construction of any project regulated under this Chapter will be furnished to the Village and maintained in full force and effect by the subdivider until all improvements are completed and maintained to the satisfaction of the Village Council.
(Ord. 19-20. Passed 11-4-20.)