A. The company shall furnish to the municipality and maintain an irrevocable letter of credit in the form provided by the village attorney certifying that adequate funds are and will remain available at a sound and reputable banking or financial institution authorized to do business in the state of Illinois, such irrevocable letter of credit to be in effect for the length of time required to complete the system and in a form to allow the municipality to procure the funds irrevocably committed to complete the system if construction of the system shall be in default.
B. No recovery by the municipality of the sum by reason of the letter of credit required by this section shall be any limitation upon the liability of the company to the municipality, except that any sum received by the municipality by reason of such letter of credit shall be deducted from any recovery which the municipality might have against the company.
C. In the event the company fails to perform in accordance with any of the provisions of this chapter and a forfeiture is declared, then it is understood and agreed that the municipality shall be entitled to the sum of fifty thousand dollars ($50,000.00) as liquidated damages, which sum shall be in addition to any and which sum shall be covered by the letter of credit in this chapter required to be posted by the company. (Ord. 1000, 4-8-1985)