(B) Each letter of credit shall be from a lending institution:
(1) Acceptable to the Director or the Administrator, as applicable;
(2) Having capital resources of at least $10,000,000, or another amount acceptable to the Director or the Administrator;
(3) With an office in the Chicago metropolitan area; and
(4) Insured by the Federal Deposit Insurance Corporation.
(C) Each letter of credit shall, at a minimum, provide that:
(1) It shall not be canceled without the prior written consent of the Director or the Administrator; and shall not expire without written notification of the Director or Administrator at least 45 days prior to expiration;
(2) It shall not require the consent of the developer prior to any draw on it by the Director or the Administrator; and
(3) If at any time it will expire within 45 or any lesser number of days, and if it has not been renewed and the renewal submitted to the Director or the Administrator, and if any applicable obligation of the developer for which its security remains uncompleted or is unsatisfactory, then the Director or the Administrator may, without notice and without being required to take any further action of any nature whatsoever, call and draw down the letter of credit and thereafter either hold all proceeds as security for the satisfactory completion of all obligations or employ the proceeds to complete all obligations and reimburse the county or the certified community for any and all costs and expenses, including legal fees and administrative costs, incurred by the county or the certified community, as the Director or the Administrator shall determine.
(D) If at any time the Director or the Administrator determines that the funds remaining in the letter of credit are not, or may not be, sufficient to pay in full the remaining unpaid cost of all stormwater facility construction or sediment and erosion control measures, then, within ten days following a demand by the Director or the Administrator, the developer shall increase the amount of the letter of credit to an amount determined by the Director or the Administrator to be sufficient to pay the unpaid costs. Failure to so increase the amount of the security shall be grounds for the Director or the Administrator to draw down the entire remaining balance of the letter of credit,
(E) If at any time the Director or the Administrator determines that the bank issuing the letter of credit is without capital resources of at least $10,000,000, is unable to meet any federal or state requirement for reserves, is insolvent, is in danger of becoming any of the foregoing or is otherwise in danger of being unable to honor the letter of credit at any time during its term, or if the Director or the Administrator otherwise reasonably deems the bank to be insecure, then the Director or the Administrator shall have the right to demand that the developer provide a replacement letter of credit from a bank satisfactory to the Director or the Administrator. The replacement letter of credit shall be deposited with the Director or the Administrator not later than ten days following the demand. Upon the deposit, the Director or the Administrator shall surrender the original letter of credit to the developer.
(F) (1) If the developer fails or refuses to meet fully any of its obligations under this chapter or the applicable certified community ordinance, then the Director or the Administrator may, in his or her discretion, draw on and retain all or any of the funds remaining in the letter of credit.
(2) The Director or the Administrator thereafter shall have the right to take any action he or she deems reasonable and appropriate to mitigate the effects of the failure or refusal, and to reimburse the county or the certified community from the proceeds of the letter of credit for all of its costs and expenses, including legal fees and administrative expenses, resulting from or incurred as a result of the developer's failure or refusal to fully meet its obligations under this chapter or the applicable certified community ordinance.
(3) If the funds remaining in the letter of credit are insufficient to repay fully the county or the certified community for all costs and expenses, and to maintain a cash reserve equal to the required letter of credit during the entire time the letter of credit should have been maintained by the developer, then the developer shall, upon demand of the Director or the Administrator therefore, immediately deposit with the Director of the Administrator additional funds as the Director or the Administrator determines are necessary to fully repay costs and expenses and to establish the cash reserve.
(Ord. 18-08, passed 1-14-19)