KNOW ALL MEN BY THESE PRESENTS, that, ___________ as PRINCIPAL, __________, as SURETY, and _______, as ADDITIONAL SURETY, are held and firmly bound unto the City/County of , Illinois, as OBLIGEE, in the sum of ($______) lawful money of the United States, for the payment whereof to the Obligee, the Principal and the Surety, and Additional Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally, firmly to these presents: |
SIGNED, SEALED AND DATED, THIS day of ________, 20______. |
WHEREAS, application was made to the Obligee for approval of a project entitled “_________,” located in the City/County of ______________, Illinois, filed with the Zoning & Building Director or his/her designee of the County of Rock Island, Illinois, on______, 20_____, said project may be approved upon certain conditions, one of which is that a performance bond in the amount of ($_____) , to be filed with the County Clerk to guarantee certain improvements in said project. |
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that if the above named Principal shall within two (2) years from the date hereof will and truly make and perform the required improvements and construction of public improvements in and adjacent to said project in accordance with the specifications of the Rock Island County or its designee and the Stormwater Regulations of the County of Rock Island or its designee, then this obligation to be void; otherwise to remain in full force and effect. It is hereby understood and agreed that in the event that any required improvements have not been installed as provided aforesaid within the term of this Performance Bond, the County Board of the Rock Island County may thereupon declare this bond to be in default and collect the sum remaining payable thereunder and upon receipt of the proceeds thereof, the Rock Island County Board shall install such improvements as are covered by this bond and commensurate with the extent of development that has taken place in said project but not exceeding the amount of such proceeds. |
Principal |
By: ________ Principal |
Surety |
By: ____________ |
Attorney in Fact |
Additional Surety |
Approved as to Form: |
By: ____________ |
(Ord. passed - -)