If construction has not been completed and approved by the city engineer before the final plat is submitted to the city council, security in the amount equal to one hundred twenty five percent (125%) of the estimated construction costs (including, but not limited to, grading, drainage, roadway, sidewalk, sewer, water line and other improvements which are to be dedicated to public use or which benefit the subdivision generally) of the public improvements shall be filed with the city clerk in order to ensure completion of the public improvements as required by this title within a reasonable length of time without cost to the city. The form and sufficiency of security shall be subject to the approval of the city attorney and city engineer. Security may be in the form of a bond issued by a commercial surety licensed to do business in the state, or it may be in the form of an irrevocable letter of credit issued by an Illinois or national bank of at least one year in duration, which provides for automatic annual renewals thereof unless at least sixty (60) days prior to the expiration of its term or any renewal thereof, written notice of nonrenewal is sent by certified mail to the city.
The bond or letter of credit shall, by its terms, secure payment of not only the construction of the public improvements but also of any additional review and inspection fees charged by the city engineer and imposed by the city pursuant to section 11-5-3 of this chapter. (Ord. 2831, 3-3-1998)