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(A) An acceptable performance guarantee to protect the county highway system and ensure compliance with this chapter shall be provided prior to the issuance of a permit as provided for in this chapter.
(B) The performance guarantee shall be an irrevocable letter of credit for the following permit types:
(1) Major access.
(2) Temporary accesses for major earth work activities or prior to a permanent access.
(3) Minor access.
(4) Utility or facility permit which requires any open cut of county highway pavement.
(C) The performance guarantee shall be in the form of a cash bond, irrevocable letter of credit, or surety bond for all other types of permits.
(D) The County Engineer shall be and is hereby authorized to act for the county in all matters relating to performance guarantees.
(E) The County Engineer may accept a Letter of Agreement in lieu of a Letter of Credit for improvements performed or sponsored by a local agency.
(F) In the event an applicant applies for a temporary access to be constructed prior to execution of the permit for the permanent improvements, a Temporary Letter of Credit must be executed prior to execution of the temporary access permit. The amount of the Temporary Letter of Credit shall be 125% of an estimated cost submitted to and approved by the WCDOT for the conceptual permanent roadway improvements.
(G) The performance guarantee must contain the permit application number or the project name and county highway name on the guarantee. The amount and length of term of the performance guarantee shall be as identified in the Technical Reference Manual, based on the permit type.
(Ord. 20-231, passed 7-16-2020)
Every irrevocable letter of credit provided pursuant to this section shall be from a bank acceptable to the County Engineer having capital resources of at least $50,000,000 and being insured by the Federal Deposit Insurance Corporation. Each irrevocable letter of credit shall, at a minimum, provide that (i) it shall expire no earlier than 24 months after the date of issuance and, in no event, until 60 days after written notification of such expiration has been given by the issuing bank to the WCDOT; and (ii) it shall not require the consent of the permittee prior to any draw on it by the WCDOT. The format and language of the irrevocable letter of credit shall be determined by the County Engineer as advised by the State's Attorney.
(Ord. 20-231, passed 7-16-2020)
All cash bonds posted shall be made payable to the Will County Treasurer and shall be submitted to the County Engineer. The type of cash bond provided may be a cashier's check, bank draft, certified check, or bank money order. A certificate of deposit is not acceptable. The County Engineer may deposit a cash bond with the Will County Treasurer. No interest shall be paid on any such cash bond so deposited.
(Ord. 20-231, passed 7-16-2020)
All surety bonds snail be issued by a surety or insurance company authorized by the Illinois Department of Insurance to sell and issue sureties in the State of Illinois. The discharge of the surety under all surety bonds shall be conditioned upon the completion of the permitted work and restoration of the county right-of-way to its original condition or better within the specified time period of the permit, in strict conformance with the provisions of this chapter and any permit issued hereunder. Said surety bonds shall be payable to the Will County Treasurer and shall be submitted to the County Engineer and shall be of a term of a minimum of 24 months. The format and language of the surety bond shall be determined by the County Engineer as advised by the State's Attorney.
(Ord. 20-231, passed 7-16-2020)
(A) The County Engineer shall establish performance guarantee policies showing the items and costs used to determine performance guarantee amounts and the length of the term of the performance guarantee. Such items shall reflect the costs needed to restore the right-of-way of the county highway to its original conditions or better. Additional costs may be added to insure completion of the work permitted under this chapter.
(B) he length of the term for performance guarantees shall be the amount of time required to complete the permitted work and restoration work plus any additional time to ascertain any problems with the permitted work and restoration work. In no case shall the length of the term for the performance guarantee be less than 24 months.
(Ord. 20-231, passed 7-16-2020)
If the permittee fails to perform the work with sufficient work force and equipment or with sufficient materials to insure the completion of said work within the specified time, or performs the work unsuitably as determined by the County Engineer, or neglects or refuses materials or performs any such work as shall be rejected as defective and unsuitable, or discontinues the execution of the work, or for any other cause whatsoever does not carry on the work in an approved manner, the County Engineer shall give notice to the permittee and the permittee's bank or surety, if any, of such delinquency. Said notice shall specify the corrective measures required. After said notice, the County Engineer shall draw on the performance guarantee to have the work completed in accordance with the terms of this chapter, the permit, and the performance guarantee. The County Engineer shall deliver any funds drawn upon to the Will County Treasurer and request deposit in the appropriate fund. The WCDOT may then take over the work, including use of any or all materials or equipment on the ground as may be suitable and acceptable and may complete the work with any such other methods as, shall be required for the completion of the work in an acceptable manner.
(Ord. 20-231, passed 7-16-2020)
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