The final plat to be filed of record shall be accompanied by a statement signed by the owner and subdivider setting forth the following:
(A) Plans and specifications for such improvements previously approved by the City Engineer clearly describing the same.
(B) Agreement executed by the owner and the subdivider wherein they agree to make and install the improvements provided for in this section, in accordance with the plans and specifications accompanying the final plat.
(C) Performance bond executed by the owner and the subdivider and approved by the City Council. Said performance bond shall be 100% of the estimated cost of all streets and improvements which this chapter requires and which are shown on the approved plans and specifications. The amount of the bond shall be fixed by the City Engineer based on costs which are current in the trades for like items of construction and installation. All bonds shall be with a company licensed to do business in the State of Illinois. Performance bonds shall specify that all the improvements will be installed within a period of two years.
(D) In lieu of the provisions of divisions (B) and (C) of this section, in the event that such owner and subdivider shall submit said evidence of the existence of the binding agreement with a responsible contractor agreeing to accept all bonds which may be issued under any local improvement proceedings for the installation of such improvement or a bona fide and subsisting bid by a responsible person for the purchase for cash of such local improvement bonds at par value or more, then the requirements of divisions (B) and (C) of this section may be waived.
(Ord. 88-30, passed 8-8-88)