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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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