SECTION 6.11. FINANCIAL GUARANTEE.
(1) ESTABLISHMENT OF THE GUARANTEE. The Village Board may require the submittal of a financial guarantee, the form and type of which shall be acceptable to the The financial guarantee shall be in an amount determined by the Village to be the estimated cost of construction and the estimated cost of maintenance of the storm water management practices during the period which the designated party in the maintenance agreement has maintenance responsibility. The financial guarantee shall give the Village the authorization to use the funds to complete the storm water management practices if the responsible party defaults or does not properly implement the approved storm water management plan, upon written notice to the responsible party by the Village that the requirements of this ordinance have not been met.
(2) CONDITIONS FOR Conditions for the release of the financial guarantee are as follows:
[a] The Village shall release the portion of the financial guarantee established under this section, less any costs incurred by the Village to complete installation of practices, upon submission of “as built plans” or “record” drawings by a licensed professional engineer. The Village may make provisions for a partial pro-rata release of the financial guarantee based on the completion of various development stages.
[b] The Village shall release the portion of the financial guarantee established under this section to assure maintenance of storm water practices, less any costs incurred by the Village at such time that the responsibility for practice maintenance is passed on to another entity via an approved maintenance agreement.