When letters of credit are used to meet the requirements of the ordinance, the following forms shall be used:
LETTER OF CREDIT FOR CONSTRUCTION
TO: Macoupin County Board
We hereby issue our irrevocable Letter of Credit in favor of the Macoupin County Board on behalf of _______________________________________, in the total amount of __________. This Letter of Credit is issued in place of a bond guaranteeing construction and subdivision improvements. The subdivision improvements are set forth in the drawings and specifications attached hereto and made a part thereof.
In the event of the non-performance by the beneficiary to complete these improvements ___ (date) , we hereby authorize the Macoupin County Engineer, on behalf of the County of Macoupin, to draw the total amount of this irrevocable Letter of Credit.
This Irrevocable Letter of Credit established by us shall expire only on written release by the Macoupin County Engineer, and the engineer engaged by the owner to supervise construction. This Irrevocable Letter of Credit shall remain in effect without regard to any default in payments owed us by the beneficiary. The consideration of this Letter of Credit is provided by agreements between the financial institution and the beneficiary herein and the approval of the (name of subdivision)____
plat by the Macoupin County Board.
LETTER OF CREDIT FOR MAINTENANCE
TO: Macoupin County Board
We hereby issue our irrevocable Letter of Credit in favor of the Macoupin County Board on behalf of _______________________________________, in the total amount of __________. This Letter of Credit is issued in place of a bond guaranteeing against any defect in the material or workmanship furnished in connection with (name of subdivision)_____ latent in character and not discernable at the time of the certification of completion of such improvements, and to guarantee against any damage to such improvements by reason of settling of the ground base or foundations. At the end of the 18 month period after the certification of completion and no defects have been brought to the attention of the (financial institution) or defects have been noted and cured, this Letter of Credit shall become void. The subdivision improvements are set forth in the drawings and specifications as have been filed with Macoupin County.
In the event of such latent defect appearing within such 18 month period and the developer having been notified of the same has not cured said latent defect, we hereby authorize the Macoupin County Engineer, on behalf of the County of Macoupin, to draw up to the total amount of this irrevocable Letter of Credit as necessary to cure the defect.
This Irrevocable Letter of Credit shall remain in effect without regard to any default in payments owed us by the beneficiary. The consideration of this Letter of Credit is provided by agreements between the financial institution and the beneficiary herein and the approval of the (name of subdivision)_________ plat by the Macoupin County Board.
(Ord. 0-2005.4, passed 11-8-2005)