The subdivider shall complete the subdivision bond as specified herein. The form of the bond is Attachment 2 as found at the end of this title.
A. A construction bond is required guaranteeing construction of required improvements which at the time of final plat submission have not been approved by the city engineer or for which a maintenance bond has not been filed.
B. The condition of the construction bond shall be that the principal shall within two years complete or cause to be completed in accordance with the approved plans and specifications and in accordance with applicable ordinances, resolutions, and codes of the city, the improvements required in the subdivision. Approved city bond forms must be used.
C. The construction bond shall be for the sum of one hundred percent of the estimated cost of construction as determined by the subdivided engineer and approved by the city engineer.
D. Construction bonds for required improvements which are a part of the subdivision shall be secured to the city by one of the following methods or a combination of the following methods:
1. Cash;
2. Corporate surety licensed and authorized to do business in the state of Illinois as a surety;
3. Certificates of deposit payable to the city;
4. United States Government Savings Bonds payable to the city;
5. Deed in trust or escrow conveying real estate to the city. Such real estate shall be appraised at the owner's or subdividers expense by an independent appraiser selected by the city. The city attorney shall approve the form of any surety involving a deed in trust or escrow.
6. Irrevocable letter of credit in a form approved by the city attorney.
E. The city council shall release construction bonds and the surety thereon with interest, if any, upon satisfaction of the conditions of the bond and upon receipt of a maintenance bond in accordance with Section 16.32.050, Maintenance bonds.
(Ord. 81-10 § 7.1(D), 1980).