80-56 SUBDIVISION ORDINANCE OF THE CITY OF DECATUR

Home Browse Search

, �•� ^ . . . . � 7-10-1 . L'tility services and connections shall be constructed and installed according to standards and specifications approved by the franchised utility conpany, and in residential �ubdivisions all be installed under ro und. sh g ' be available 7-10-2 . Electric and telephone service snall to each lot. 7-11-1 . The owner' s declaration shall provide that improvemer.ts and common areas that are not dedicated to the public sha11 be tne responsibility of and maintained by the owner or owners of land within the subdivision, as approved by the Corporation Counsel . SECTION 8 BONDS 8-1 . Whenever a �ond to assure the construction, installation or completion of improvements i:n 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 land sought to be subdivided in such amount as is determined to be 120$ of the estimated cost of all the improvements covered thereby and which bond shall have as security thereon a surety company qualified to do business in the State of I1linois . In lieu of the security aforesaid, the obligor o� such bond may deposit with the City Treasurer, in an amount equal to the amount of such bond, cash, a certified check, a cashier ' s check, a letter of credit, certificates of deposit, an assignment of a deposit in a ban:{, trust company or savings and loan association, or direct obligations , becoming due and payable during the term of such bond, of the. United States of America, the State of I7.linois, or the City of Decatur. The security so deposited shall be either made payable to the City of Decatur, or sha11 be accompanied by a valid assig:i.*nent or pledge thereof in such form as is sufficient to vest the deposited security in the City of Decatur upon presentation thereof to the bank, trust company, association or government connected therewith . i7o bond s'r.a11 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 shall accrue upon the security deposited as aforesaid may be paid directly to the principal 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 principlz . The City snail not be obligated to pay interest on any cash or other non-interest bearing security deposited �,ereunder . r^rom time to time, as the imprcvemen�s are completed by t:�e obligor ar.d upon written apol;cation to the Director of Public ,Jor'<s , t�e amour.t oi security may be reduced by an amount equal to the cost of tne impiovements completed and the Director oL Public Works may r�quest that the Citv TreasL:rer return t,^at amount to tne obligor. Vo such bond s:�al1 �e iu11� rzleased until the improvemen�s are accepted by the City in �ariting .