A.   General Requirements.
      1.   In order to insure that the work will be completed, all engineering improvements proposed in conjunction with a new subdivision, letters of credit, cash or certificates of deposit with a federally insured bank or savings and loan association, or bonds from an insurance company with offices in Illinois, shall be submitted to ensure the completion of all improvements. The institution providing the security shall be acceptable to the County.
      2.   In addition, a separate security shall be submitted for any work to be performed on the County roadway system, in accordance with the McHenry County Access Control and Right-of-Way Management Ordinance.
      3.   If a letter of credit is submitted as security, it shall be in substantially the form required by this Ordinance, and shall be without restrictions, non-declining, and irrevocable without approval of the County.
   B.   Amount of Security.
      1.   The owner shall post good and sufficient security with the Zoning Enforcement Officer, in the sum of one hundred twenty-five percent (125%) of the engineer’s cost estimate to insure completion of the work. The engineer’s cost estimate is subject to County review and approval. Subdivisions that are adjacent to and have access from a County highway require separate permits and shall provide separate securities in accordance with McHenry County Access Control and Right-of-Way Management Ordinance.
      2.   Each security required by this Ordinance shall be accompanied by an agreement executed by the property owner, and approved in writing by the County Board, in which the property owner agrees to make and install the improvements in accordance with the plans and specifications accompanying the final plat and specifying completion date in accordance with this Ordinance.
      3.   Security provided shall have an initial term of at least two (2) construction seasons and shall automatically renew until released by the County.
   C.   Release of Security.
      1.   At the discretion of the Zoning Enforcement Officer and township highway commissioner, partial reductions in the letter of credit may be issued.  Partial reductions will only be considered for project construction elements that are substantially completed and only when the total project is twenty-five percent (25%), fifty percent (50%), and seventy-five percent (75%) completed, based on the engineer’s cost estimate. Each request for a reduction in the letter of credit shall be accompanied by as built drawings, or other suitable documentation, showing the work completed, a statement certifying that all improvements have been completed in accordance with the approved engineering plans and specifications. The property owner shall also submit revised engineer’s cost estimate for all remaining construction. The revised engineer’s cost estimate shall be based on construction costs current to the date of the estimate. The revised engineer’s cost estimates are subject to County approval.  The County shall retain security in the sum of one hundred fifty percent (125%) of the estimated cost of the remaining construction.
      2.   At the time the security is submitted to the Zoning Enforcement Officer, the owner shall notify the Zoning Enforcement Officer in writing as to the name and address of the Illinois licensed professional engineer who will establish lines and grades and exercise general supervision as construction progresses.
      3.   Prior to the County’s release of securities for subdivision improvements, an Illinois licensed professional engineer representing the property owner for such improvements will be required to submit as-built drawings, or other suitable documentation, showing the work completed and a statement certifying that all improvements have been completed in accordance with the approved engineering plans. Such certification shall cover all engineering aspects of the development including, but not limited to, roads, detention/retention, grading, filling, stabilization, and any topographic changes or adjustments proposed and approved by the Staff Plat Review Committee. Certification shall be in writing and submitted to the Zoning Enforcement Officer prior to release of securities.  Applicants must separately apply for the release of any bonds held by the McHenry County Division of Transportation.
(Ord. O-201410-10-035, passed 10-14-2014; Ord. O-201601-ZBA-006, passed 1-19-2016; Ord. O-201603-ZBA-010, passed 3-17-2016, § 6.8; Ord. O-201803-ZBA-10-08, passed 3-19-2018; Ord. O-201808-10-033, passed 8-21-2018)