§ 385-16. Performance and maintenance bonds; escrow accounts.

In the event that the requirements imposed under § 385-14 or 385-15 shall involve any expenditure of over $10,000, as estimated by the Tree Commission, the applicant for the permit shall furnish the Village with a performance bond approved as to form by the Village Attorney in an amount and sufficient to cover 90% of such estimated cost. The remaining 10% of such estimated cost shall be in cash, which shall be deposited in a special tree preservation escrow account to be established by the Village Treasurer. Upon completion of all required planting and restoration to the satisfaction of the Tree Commission, the performance bond shall be cancelled and replaced by a maintenance bond approved as to form by the Village Attorney in an amount and for a term to be fixed by the Tree Commission, but not in excess of two years and not in an amount greater than the original estimated cost. The ten-percent escrow cash deposit shall remain on deposit with the Village Treasurer until the maintenance bond is cancelled.

Amended 1-22-2013 by L.L. No. 1-2013