77-03 AMENDING THE LAND SUBDIVISION ORDINANCE OF THE CITY OF DECATUR, ILLINOIS

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' �'� ,MICROfiLMED �' - ORDINANCE rro. �-a 3 AN ORDINANCE AMENDING THE LAND SUBDIVISION ORDINANCE OF THE CITY OF DECATUR, ILLINOIS BE IT ORDAINED BY THE COUNCIL OF THE CITY OF DECATUR, ILLINOIS : Section l. That The Land Subdivision Ordinance of the City of Decatur, Illinois , the same being Ordinance No. 4696 , passed October 24 , 1966 , as amended thereafter be, and the same is hereby, further amended at Section 11 thereof, so that said Section as so amended shall provide : Section 11. Whenever a bond 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 land sought. to be subdivided in such amount as is determined by the Council to be sufficient to pay 120� of the estimated cost of all improvements covered thereby and which bond shall have as surety thereon a surety company quali- fied to do business in the State of Illinois . In lieu of the surety aforesaid, the obligor of such bond may deposit with the City, in an amount equal to the amour.t of such bond, cash; a certified check; a cashier' s check; certificates of deposit;. an assignment of a deposit in a bank, trust compaay or savings ', and loan association; or direct obligations, becoming due and payable during the term of such bond, of the Unit�d States of I America, the State of Illinois , or the City of Decatur. ThQ security so deposited shall be either made payable to the City of Decatur, or shall be accompanied by a valid assignment or pledge t?�ereof in such form as is sufficient to vest the de- posited security in the City upon presentation thereof to the bank, trust company, association or government connected there- with. No bond shall 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 depositor thereof, or if the same has been paid to the City, the City Treasurer shall cause the same to be paid to said depositor. The City shall not be obligated to pay interest on any cash or other non-interest bearing security deposited hereunder. From time to time, upon application by said obligor, and upon the certification of the Director of of Public Works that a part of the improvements covered by the bond have been completed and accepted by said Director, the amount of security may be reduced to an amount to be determined by said Director which amount may exceed but shall not be less than 120$ of the estimated cost of the improvements not yet completed and the City Clerk and City Treasurer shall cause to be returned to the depositor thereof the difference between that amount and the amount of security then being held.