(a) Types of Guarantees. The developer may execute and file with the Village financial guarantees, in lieu of actual installation or completion of the required improvements, concurrently with the application for approval of the final plat. Such guarantees may be in the form of a performance or surety bond, a certified check or any other type of surety approved as to form by the Director of Law and accepted by the Village.
(b) Terms of Guarantees. The terms of guarantees shall be determined by the Planning and Zoning Commission. However, they shall not be for a longer period than eighteen months unless Council, by resolution, extends the time. Bonds shall be executed by the applicant as principal with a surety company authorized in the State and shall be in a form satisfactory to the Director of Law.
(c) Amount of Guarantees. The financial guarantees shall be in an amount equal to the estimated total cost of materials, labor and engineering required to install or construct the improvements, plus ten percent for contingencies. Such costs shall be determined by the Village Engineer. When any portion of an improvement has, upon inspection, been found satisfactorily completed, a reduction in the bonds or partial withdrawal of funds equal to the estimated costs of such completed improvements may be authorized.
(Ord. 1988-121. Passed 11-22-88.)