The following types of surety guarantees may be provided:
(A) Letter of credit. The applicant may provide an irrevocable letter of credit from a bank or other reputable lending institution;
(B) Performance bond. The applicant may provide a bond as a guarantee;
(C) Escrow cash account. The applicant may deposit cash, or other instruments readily convertible into cash at face value, either with the municipality, or in an escrow account held in trust by the village or by a financial institution; and
(D) Escrow non-cash account. The applicant may escrow personal property (stocks, bonds, equipment), land, other property, or mortgage, or give a deed of trust on real property to the village.
(Prior Code, § 154.268) (Ord. 48, passed 6-21-2005)