PB13.5-9. - Performance bond/letter of credit.

The assistant superintendent of planning for the park board may require a performance bond or letter of credit prior to the approval of any permit under this chapter. If required, the applicant will submit an agreement subject to the conditions required by the assistant superintendent of planning of the park board for the approval of the temporary access permit. Such agreement must be accompanied by a performance bond or letter of credit to cover the amount the assistant superintendent of planning of the park board will establish to comply with the agreement. The agreement must guarantee completion and compliance with the schedule and conditions predetermined by the assistant superintendent of planning for the park board. The adequacy, conditions, and acceptability of any agreement, performance bond, or letter of credit shall be subject to the complete discretion of the assistant superintendent of planning for the park board. The park board authorizes its assistant superintendent of planning to enter into any agreement under this section without prior approval of the park board. Any performance bond or letter of credit agreement required under this section will be incorporated by reference into the approved temporary access permit for the use of parkways or park property. (Pk. Bd. Ord. No. 2011-101, § 1, 1-5-11)