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In lieu of the forms of guarantee authorized by § 153.055, a developer may instead enter into an agreement to install, complete and pay for improvements on a schedule agreeable to the Director of Public Service and secure performance of the agreement with an irrevocable letter of credit as a financial guarantee in lieu of actual installation or completion of required improvements concurrently with the application for approval of a final plat. The irrevocable letter of credit shall be issued by a bank or other lending institution that is authorized by this state or the United States to issue such letter of credit and has an office in the State of Ohio. The letter of credit shall be issued for the benefit of the City of Wadsworth and may be drawn upon if the developer fails to timely complete or pay for the installation of the required improvements. The City of Wadsworth may then complete the same and use the money drawn under the letter of credit for the performance of such work and the payment thereof. The amount of the letter of credit and the completion times in the agreement shall be specified by the Director of Public Service and the form of the documents shall be subject to approval by the Director of Law.
(Ord. 82-96, passed 8-6-96)