(a) Prior to the commencement of any street or private roadway, the owner or developer shall provide a bond or irrevocable letter of credit, acceptable to the Village, or a cashiers check, in an amount not less than one hundred ten percent (110%) of the final construction cost for such street or private roadway. Such bond shall guarantee, and such letter of credit or cashiers check shall remain payable to the Village for the purpose of, completion of the such street or private roadway within one year from the date of commencement of construction or such time as may be agreed to by the Village Manager. In addition, a bond, cashiers check, or letter of credit in the amount of ten percent (10%) of the final construction cost shall be provided for a maintenance period of one year beginning with the date of acceptance of the street improvements by the Village.
(Ord. 2-99. Passed 1-19-99.)
(b) In lieu of a bond for sanitary sewer and water main improvements, the Village may accept private agreements for sanitary sewer and water main construction and maintenance. Such agreements shall be executed on forms approved and supplied by the Village.
(Ord. 1983-20. Passed 8-16-83.)
(Ord. 1983-20. Passed 8-16-83.)
(c) The owner or developer shall, prior to the commencement of review of plats or plans by the Village Engineer, or prior to the supervision of installation of improvements by the Village Engineer, deposit with the Village Clerk a sum of money as prescribed by the Manager to defray the cost of the engineering or inspection services to be provided, and any expense incurred by the Village due to the review of the plat and plans and installation of the improvements. Should the amount of such deposit be insufficient to pay the cost thereof, the owner or developer shall immediately, upon demand, deposit such additional sums as are estimated by the Manager to be necessary. The Manager shall not obligate the Village for payment of such engineering services prior to receipt of the funds to be deposited by the owner or developer. Further, the Manager shall have the authority to order that work be stopped on any review of plats or plans or upon the installation of improvements, for which such deposit has not been made. Upon completion and acceptance of any such improvement, any unexpended balance remaining from such deposits shall be refunded to the owner or developer who paid such deposit. The Clerk shall provide to Council on a monthly basis a tabulated recap by project of the deposited fund balances and outstanding deficiencies.
(Ord. 1994-20. Passed 9-6-94.)
(d) The subdivider shall hold the Village harmless from any claims for damages of every nature arising or growing out of the construction of such improvements, and shall defend, at his cost and expense, each suit or action brought against the Village by reason thereof, until the improvement has been accepted by the Village and the developer notified in writing. The subdivider shall furnish proof to the Village at the time of commencing construction of possession of personal injury liability insurance of not less than one hundred thousand dollars/three hundred thousand dollars ($100,000/$300,000) and property damage liability insurance of not less than one hundred thousand dollars ($100,000).
(Ord. 1983-20. Passed 8-16-83.)
(Ord. 1983-20. Passed 8-16-83.)
(e) If any violations of, or noncompliance with, any of the provisions and stipulations of this chapter occurs, the Village shall have the right to stop the work without delay and hold the bonding company responsible for the completion of the improvement or use the cashiers check or letter of credit, or proceeds thereof, for such purpose.
(Ord. 1992-10. Passed 3-31-92. )