Illinois Municipal Code Change
The Illinois Municipal Code was amended which respect to the approval of maps, plats or subdivisions, specifying that if the county or a municipality such as Morton demands a bond or other security from a developer when seeking approval of a map, plat, or subdivision, the developer can file an irrevocable letter of credit, surety bond, or letter of commitment issued by a bank or insurance company and then the county or municipality cannot require a cash bond. If a developer already is providing a letter of credit, bond, or letter of commitment, but this change simply means that no other bond for the city will have to be provided.
