§ 22-132. Replenishment of cash deposit and letters of credit.
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If at any time the village determines that the funds remaining in a cash deposit and
a performance and payment letter of credit are not, or may not be, sufficient to pay
in full the remaining unpaid cost of all required public improvements and all unpaid
or reasonably anticipated village fees, costs and expenses, or that the funds remaining
in a guaranty letter of credit are not, or may not be, sufficient to pay all unpaid
costs of correcting any and all defects and deficiencies in the required public improvements
and all unpaid or reasonably anticipated village fees, costs and expenses, then the
village may require that the developer increase the amount of that cash deposit or
the appropriate letter of credit to an amount determined by the village to be sufficient
to pay such unpaid fees, costs and expenses.
(Ord. No. 96-0-14, § 2(22-706), 3-14-96)
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