80-56 SUBDIVISION ORDINANCE OF THE CITY OF DECATUR (2)

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�•1 �'� . . , 7-IO-1 . Utility services and connections shall be constructed and ir�stalled according to standards and specifications approved by the franchised utility conpany, and in residential subdivisions shall be installed undergroi��d. 7-10-2 . Electric and telephone service sha11 be available to each lot. 7-11-1 . The owner' s declaration sha11 provide that improvements and common areas that are not dedicated to the public sha11 be the responsibility of and maintained by the owner or owners of land within the subdivision, as approved by the Corporation Counsel . SECTION 8 B�NDS 8-l . Whenever a �ond to assure the construction, installation or completion of improvements in accordance with an approved preliminary plat, or otherwise , is required by the provisions of this Ordinance, such bond shall be provided by the owner of the Iand sought to be subdivided in such amount as is determined to be 120� of the estimated cost of alI the improvements coverzd thereby and which bond shall have as security thereon a surety company qualified to do business in the State of Illinois . In lieu of the security aforesaid, the obligor o� sucn bond may deposit with the City Treasurer, in an amount equal �o the amount of such bond, cash, a certitied check, a cashier ' s check, a letter of credit, certificates of deposit, an assignment of a deposit in a bank, trust company or savings and loan association, or direct obligations , becoming due and payable during the term of such bond, oE the United States of America, the State oi Illinois, or the City of Decatur. The security so deposited sha11 be either made payable to the City of Decatur, or sha11 be accompanied by a valid assig:L.�ent or pledge thereof in such form as is sufficient to vest the deposited security in the Ci ty of Decatur upon presentation thereof to the bank , trust company, association or government connected therewith . �10 bond sr.all be tendered to the Council unless the same is accompanied by the recommendation of the Corporation Counsel as to the security offered therewith. Any interest which sha11 accrue upon the security deposited as aforesaid may be paid directly to the principa� who deposited the security with the City Treasurer, or if the same is paid to the City Treasurer, he sha11 pay the same over to said principle . The City snail not be obligated to pay interest on any cash or other non-interest bearing security deposited 'nereunder . r^rom time to time, as the imprcvements are completed by the opligor and upon writcen apol'_cation to the Director of Public �Jor.'�s , the amour.t of security may be reduced by an amount equal to the cost of tne improvements comoleted and the Director oL Public Works may r�quest that the Ci}y Treast:rer return that amount to �i:e obiigor. �10 such bond shall �e �ull_� released until the improvements ar� accepted by the City in �ari ting .