(A) Performance bond. All developers shall execute a performance bond in favor of the village which guarantees that all stormwater detention and drainage facilities regulated by this chapter shall be constructed and maintained as required in this chapter. The amount of the performance guarantee shall be not less than 120% of the estimated cost to construct the improvements. The form of the performance guarantee shall be as approved by the Village Attorney, and shall be similar to that utilized for subdivisions under the requirements of the Village of Mahomet Subdivision Ordinance.
(B) Performance bond security. Each performance bond required by this chapter shall be secured in favor of the village by one of the following methods or a combination of the following methods:
(1) Cash, money order or cashier’s check which shall be deposited in a segregated village account for performance bonds and any interest earned shall be retained in the account for the use by the village, should the developer fail to construct stormwater detention or drainage facilities as approved;
(2) Certificates of deposit payable to the village; or
(3) Irrevocable letter of credit in a form approved by the Attorney for the Village of Mahomet.
(C) Release of performance bond.
(1) Final release of the performance bond and security shall take place upon approval of the stormwater detention and drainage facility.
(2) Upon satisfactory completion of all construction activities, and upon request of the applicant, and upon payment by the applicant of any costs incurred by the village associated with the stormwater detention facility, the village shall release the performance bond and the security in its entirety.
(3) The release of any and all of the bond and its security shall be in writing.
(D) Performance by village of developer’s obligation. Should the developer fail to construct the stormwater detention and drainage facilities as required by these regulations or fails to perform any of the obligations set forth in the ordinance, the village may liquidate any performance security in the village’s possession and use the proceeds to construct the stormwater detention and drainage facilities in whole or in part as the village deems appropriate.
(E) Developer to pay village’s actual costs of construction to remedy any defect. Notwithstanding the amount of the developer’s performance bond, the developer shall pay all costs the village actually incurs in designing and constructing stormwater detention or drainage facilities or correcting defects within facilities which the developer is required to construct or which the developer fails to design, construct or maintain free from defects in accordance with this chapter. If the amount of money received by the village from the performance bond and security is insufficient to pay all such costs, the developer shall reimburse the village for the remainder within 28 days of the village submitting a bill for the balance due to the developer.
(Ord. 15-12-02, passed 12-15-2015)