To insure proper compliance with the provisions of this Code,
the following bonds and financial guarantees shall be required therefore:
(1) a construction agreement, (2) a performance guarantee, (3) a maintenance
guarantee and, (4) proof of adequate liability and title insurance.
All bonds and insurance required under this sSection shall be
secured from companies authorized to do business in the State of Illinois
and shall be deposited and remain at all times with the Clerk of the
Village of Harristown.
(A) Construction agreement. To assure construction and installation of
improvements required by these regulations, the subdivider shall execute
a construction agreement with the Village Board in form and substance
approved by the legal counsel. This agreement shall provide that all
such improvements shall be constructed and installed at the subdivider's
expense in compliance with the standards and specifications for each
of the various types of improvements; such improvements shall be available
to and for the benefit of the lands within such subdivision; that
such improvements will be completed and installed within 24 months
of the date of approval of the preliminary plat.
|
The construction agreement shall further provide that, in the
case where approval of the final plat has been given before construction
of improvements and a performance guarantee has been provided and
if the improvements are not completed within the specified time, the
Village upon proper notice may complete the improvements and recover
full costs and expenses thereof from the subdivider and may appropriate
such portion of money or bonds posted for the faithful performance
of said works.
|
(B) Commencement of improvements. No construction of any improvements
or clearing, grubbing, and grading shall be commenced prior to the
approval of the construction agreement by the Village Board.
(C) Performance guarantee.
(1)
Type of guarantee. The subdivider may execute and file financial
guarantees with the Village Board in lieu of actual installation or
completion of the required improvements when requesting conditional
approval of the final plat. Such guarantees may be in the form of
a performance of surety bond, a certified check, or any other type
of guarantee approved by the Village Board.
(2)
Term of guarantee. Guarantees shall be for a period of not longer
than two years unless the Village Board extends the time period by
resolution.
(3)
Amount of guarantee. The financial guarantee shall be in an
amount equal to the Village Engineer's estimate of:
(a)
The cost of construction of all improvements plus;
(b)
The engineers fees for office checking and field inspection.
|
When any portion of an improvement has, upon inspection, been
found satisfactorily completed, a reduction in the bonds or partial
withdrawal of funds equal to the estimated costs of such completed
improvements may be authorized by the Village Board.
|
(D) Maintenance guarantees. The maintenance bond shall be of such amount
as determined by the Village Engineer and shall be arranged for a
period of one year from date of acceptance of improvements by the
Village Engineer.
|
The maintenance bond shall be determined by taking into consideration
topography, soil conditions, and prevailing costs of labor and materials.
No maintenance bond should be less than $1,000.
|
|
The subdivider shall be responsible for routine maintenance
of all improvements and shall repair all failures due to faulty construction
as soon as they became apparent.
|
|
He shall also make repairs due to erosion or abuse by utility
companies installing utilities and shall repair all failures for all
other reasons during the maintenance bond period. He shall also restore
the roads and streets at the end of the maintenance period.
|
(E) Liability insurance. The subdivider shall furnish such insurance
as is deemed necessary by the Village Board which shall indemnify
and save harmless the Village from any and all liability arising by
reason of the conditions of the streets of said subdivision which
may arise or grow out of the construction of installation of such
facilities. The insurance shall be of such duration as determined
by the Village Board, but shall in no case be allowed to expire earlier
than the effective period of any maintenance bond. A copy of the insurance
policy shall remain at all times with the Village Clerk.
(F) Title insurance. Evidence must be shown that title insurance in an
amount of not less than $1,000 will be issued insuring the title of
the lands to be dedicated, as shown on the final plat.