§ 153.088 PERFORMANCE GUARANTEES.
   (A)   Generally. The Zoning Administrator, Planning Commission, Village Council, or Zoning Board of Appeals may require the posting of a performance guarantee to assure the completion of improvements or actions such as roadways, utilities, fencing, or drainage, considered necessary to protect natural resources or the health, safety, and welfare of the residents of the village. The proof of guarantee must be deposited with the Village Treasurer at the time of permit issuance.
   (B)   Specifically.
      (1)   The performance guarantee can be one or a combination of the following arrangements as allowed by the Zoning Administrator, Planning Commission, Village Council, or Zoning Board of Appeals:
         (a)   A performance or surety bond. The bonds shall list the time period in which the improvements are to be completed and shall be with an acceptable bonding company authorized to do business in the state.
         (b)   A cash deposit or certified check to be held by the Village Treasurer. The escrow account shall be for the time period estimated necessary to complete the required improvements.
         (c)   An irrevocable letter of credit issued by a bank authorized to do business in the state.
         (d)   The amount of the performance guarantees shall be determined by the Zoning Administrator, Planning Commission, Village Council, or Zoning Board of Appeals.
         (e)   Cash deposits shall be rebated or released to the proprietor in amounts equal to the ratio of completed and accepted improvements to the entire guaranteed improvements.
         (f)   Performance guarantees may not be required for improvements guaranteed pursuant to the Land Division Act, Public Act 288 of 1967, being M.C.L.A. 560.101 through 560.293, as amended.
(Ord. 163, passed 6-4-2001; Ord. 230, passed 12-9-2014; Ord., passed 8-10-2021)