A. Any owner or subdivider filing an application for approval of a final plat shall submit a statement of agreement that: the land improvements required by chapter 4 of this title shall be completed by the owner or subdivider in accordance with plans and specifications approved by the village engineer and village board and all inspection fees required and one set of plans and specifications showing such improvements as installed shall be paid to or filed with the village board following the approval of the final plat by the village board. (Ord., 5-15-1974)
B. A completion bond shall be posted by such owner or subdivider with the village clerk prior to recording of the final plat. Insurance company underwriting said completion bond shall have a minimum financial strength rating of A- as rated by A.M. Best Company, Inc. Such completion bond shall be a penal sum sufficient to cover the cost of the land improvements required by chapter 4 of this title, or in lieu of a bond, a deposit of cash, or other security or guarantee acceptable to the village board. Such cost for the completion of the required land improvements shall be in accordance with cost estimates prepared by the village engineer and approved by the village board. Such bond, cash or security shall equal not less than one hundred twenty five percent (125%) of the village engineer's estimate of the improvement. If a completion bond, deposit of cash or other security or other guarantee is posted, there shall be good and sufficient surety thereon, as approved by the village board and said security shall be in such form as approved by the village attorney, conditioned upon the installation of said improvements and payment of inspection fees, within two (2) years following the approval of the final plat. If cash or other security is deposited, it shall be used, insofar as it is sufficient, for the cost of making such improvements, including inspection fees. Any unused balance will be returned to the depositor. There shall be no reduction of that portion of the bond or other guarantee or deposit applying to a particular improvement unless or until that improvement is complete and accepted or approved by the village board, except that upon the completion of the subgrade, base course and one-half (1/2) of the thickness of the wearing surface course of a street, alley or parking area, the village board may reduce that amount of that portion of the bond or other guarantee or deposit covering such land improvements, but such reduction shall not be more than an amount equal to ninety percent (90%) of the estimated cost of installation of the subgrade and base course. (Ord. 2003-17, 4-22-2003)
C. The completion bond shall be acknowledged before a notary public by the principal and surety and shall be in substantially the same form.
1. KNOW ALL MEN BY THESE PRESENTS, THAT:
WE, as principal and as surety, are firmly bound to the Village of Minooka, Illinois, in the penal sum of $ , lawful money of the United States of America, for the payment of such sum, well and truly to be made, we bind ourselves, our heirs, executors, administrators and assigns, jointly and severally, by these presents.
The condition of the above obligation is such that:
WHEREAS, has obtained, according to law and ordinances of the Village, approval of the (Plat of ), being a Subdivision of
IN Grundy/Will County, Illinois, conditioned upon: (a) that by date the making of certain land improvements to-wit:
as more fully described in plans dated and prepared by ; and (b) the execution and delivery of this bond.
NOW, if the said shall well and faithfully and in a good and workmanlike manner of good materials according to law and the ordinances of the Village, and in conformity with said plans dated , construct said improvements, and pay all inspection fees payable to the Village by reason of such construction.
THEN THIS OBLIGATION shall be null and void; otherwise the same shall remain in full force and effect.
IN WITNESS WHEREOF, we have hereunto set our hands and Seal this day of , 19 .
Principal
Surety
2. NOTARY CERTIFICATE
STATE OF ILLINOIS ) SS
COUNTY OF GRUNDY/WILL )
I, , a Notary Public in and for said County, in the State aforesaid, do hereby certify that personally known to me to be the same names are subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that they signed the above instrument as their own free and voluntary act for the uses and purposes therein set forth.
Given under my hand and Notarial Seal this day of , 19 .
Notary Public
D. The village clerk shall not certify the approval of the village board on the final plat until the required bond, deposit, cash or other guarantee has been filed as required by this section.
Note: Such agreements, as set forth above shall not be required for subdivisions located in the unincorporated areas within one and one-half (11/2) miles beyond the village limits when there is evidence that agreements are entered into between the owner or subdivider and Grundy/Will County, except when the village standards of public improvements are of higher quality than Grundy/Will County standards, such agreements may be required by the village. (Ord., 5-15-1974)