FINANCIAL SURETY. (a) Each Facilities Operator must procure and provide to the City a bond, escrow, deposit, letter of credit, or other financial surety to ensure compliance with this chapter and O.R.C. Section 4939. The financial surety must be in an amount sufficient to cover the cost of removal of all Facilities owned or operated by the Facilities Operator.
FINANCIAL SURETY. Financial surety in a form, and from a source, acceptable to the City Attorney shall be provided and maintained in the amount of $225,204.10 (110% of the approved engineer’s cost estimate) which guarantees the completion of public improvements and soil erosion and sedimentation control for the SUBJECT PROPERTY (“Public Improvements”). Financial surety shall be received and approved prior to issuance of a site development permit for the SUBJECT PROPERTY. Notwithstanding provision of said surety, until the Public Improvements have been accepted by the City, the OWNER AND DEVELOPER shall remain obligated for completion of said Public Improvements and/or (at the City’s sole discretion) to pay any costs for said Public Improvements to the extent that the surety is not sufficient to pay for the costs of the Public Improvements, or in the event of any denial, or partial denial of coverage by the surety, or failure of the surety to timely respond to a demand for payment. Prior to acceptance of the Public Improvements by the City, the OWNER AND DEVELOPER shall provide the City with a maintenance surety for the Public Improvements in a form, and from a source, approved by the City Attorney and in conformity with the Naperville Municipal Code. As to any surety, or maintenance surety, provided by the OWNER AND DEVELOPER to the City hereunder, the OWNER AND DEVELOPER agrees that: (1) at no time shall the City be liable for attorneys’ fees with respect thereto; (2) OWNER AND DEVELOPER shall be liable to pay the City’s reasonable attorneys’ fees and costs (in-house or outside counsel) in enforcement thereof; and (3) the list of circumstances set forth in such surety (including any exhibit thereto) as bases for default thereunder shall entitle the City to draw on said surety.
