G48-79 Ordinance No. G48-79
AN ORDINANCE
PROVIDING FOR THE POSTING OF SECURITY FOR REQUIRED PUBLIC IMPROVEMENTS
AND ESTABLISHING THE COSTS OF INSPECTIONS THEREOF
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS:
Section 1. That Section 18.20.050 of Chapter 18 of the Elgin Municipal
Code, 1976, as amended, is hereby amended by amending paragraph "C" thereof
to read as follows:
"C. Posting of a completion bond, an irrevocable letter
of credit in favor of the City of Elgin, or cash, in an amount
equal to 110 percent of the estimate of costs necessary to
complete all public improvements required by these regulations
to be installed by the developer, as determined by the City
Engineer. Any completion bond shall be guaranteed by a
surety company authorized to do business in the State of
Illinois. Any letter of credit posted pursuant to the provi-
sions of this paragraph shall be irrevocable, issued in favor
of the City of Elgin, shall be issued by a bank or savings and
loan association and shall contime in full force and effect
until it is released by the City. Letters of credit shall be
in such form as may be approved by the Corporation Counsel.
Upon completion of all required improvements and acceptance
thereof by the City Council of the City of Elgin, any bond or
letter of credit shall be reduced to an amount equal to 10
percent of the estimated construction costs which shall be
retained for a period of one year following acceptance and may
be used by the City of Elgin to make any necessary repairs
arising out of defects in work or materials."
Section 2. That Section 18.44.050 of Chapter 18 of the Elgin Municipal
Code, 1976, as amended, is hereby amended to read as follows:
"18.44.050 Inspection of land improvements.
All required land improvements to be installed under the
provisions of this title shall be inspected during the course
of construction by inspectors appointed by the City Engineer.
The cost of said inspection shall be paid by the developer of
the land and shall be in an amount equal to 1.50 percent of the
total estimated cost of the proposed improvements. Said amount
shall be deposited with the Finance Director prior to the issuance
of any permit."
Section 3. That this ordinance shall be in full force and effect from
and after its passage in the manner provided by law.
s/ Richard L. Verbic
''' Richard L. Verbic, Mayor
Presented: June 27 1979
Passed: June 27 , 1979
Vote: Yeas 5 Nays 0
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk