(315 ILCS 10/6) (from Ch. 67 1/2, par. 91.6)
Sec. 6.
Sale of land.
After title to the site is vested in the
State of Illinois, the State of Illinois, acting through the Governor
and the Secretary of State, shall sign, seal, and deliver a deed
conveying the site to the developer or his heirs, legatees, successors
or assigns, in consideration of the offer of the developer, provided
that:
(a) The plans of development have been approved by the corporate
authorities of the municipality in which the site is located, or by the
corporate authorities of the county where the site is located in an
unincorporated area.
(b) The developer has satisfied the Department that the completion
of development will be accomplished within a reasonable time after title
to the site has been acquired from the State of Illinois by depositing
bond with surety to be approved by the Department, or making a cash
deposit, in either case in such amount as shall be deemed adequate by
the Department. Such bonds shall designate the People of the State of
Illinois as obligee thereunder and the developer as obligor thereon, and
shall be conditioned upon completion of development by the developer in
accordance with the plans of development, or such revisions therein as
may be approved by the Department, within a period to be specified by
the Department or any subsequent extension of this period by the
Department.
Such bond shall be in substantially the following form: "We, A.B., C.D., and
E.F., of the County of .... and State of Illinois, as principals, and .... as
surety, are obligated to the People of the State of Illinois in the penal sum
of $...., lawful money of the United States, for the payment of which we
and each of us obligate ourselves and our heirs, executors, administrators and
assigns jointly.
The condition of this bond is such that if the above stated A.B., C.D.,
and E.F., shall complete development of a site located
at .... in accordance with plans of development submitted to the
Department on (insert date), or in accordance
with such revisions of such plans of development as may hereafter be
approved by the Department, such completion
of development to be within a period of .... years, or any subsequent
extension of this period by the Department,
then this obligation is void; otherwise it remains in full force and
effect.
Dated (insert date).
Signature of A.B. ___________
Signature of C.D. ___________
Signature of E.F. ___________"
The bond shall be signed by the principals and sureties
and after approval by the Department shall be filed and recorded by the
Department.
(Source: P.A. 91-357, eff. 7-29-99.)
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