SHOREWOOD — The Shorewood City Council voted at its Monday, Aug. 26, meeting to adopt a new ordinance amending three chapters of city code.
Ordinance 569 removes the use of bonds as an acceptable financial guarantee for entities contracting with the city. Financial bonds are a type of loan paid out by an individual, company or municipality rather than a bank.
According to City Planning Director Marie Darling, the ordinance brings Shorewood City Code up to match practice as the city currently does not really accept bonds as financial guarantees although technically it was allowed within the code.
Darling told Lakeshore Weekly News the removal of bonds from city code simplifies the process and ensures that developers do the work they promised to do for the city. The new ordinance protects city money.
The ordinance affects three chapters of Shorewood City Code involving, right-of-way management; permit applications, fees and security; abandoned and unusable equipment; water service connections; building sewers and connections; administration, amendments and conditional use permits; residential/commercial districts; general commercial districts and required improvements.
Darling said these areas of city code included language allowing the use of bonds as a financial guarantee.
The vote was unanimous of the City Council members at the meeting. Council member Kristine Sunberg was absent.