The guarantee of completion of improvements, to be executed prior to recording of a final plat of subdivision, shall also provide for repair of damages and abatement of nuisances with respect to existing and subsequently installed landscaping, streets, sidewalks, curbs and gutters, lighting, parkways, water and sanitary sewerage facilities, culverts, catch basins and/or storm sewers. The damage and nuisance guarantee shall be in the total of five percent (5%) of the construction cost of the new improvements and shall be provided by cash escrow agreement, letter of credit or surety bond, as provided in Section 6-5-1 herein, upon commencement of land development. Upon completion of all required subdivision improvements, the applicant's engineer shall prepare a certified statement that the improvements comply with the plans and specifications approved by the Village authorities, and shall forward same to the Village Clerk, together with a request for preliminary approval of improvements. The Village Engineer shall verify whether the improvements comply with the approved plans and specifications, and shall prepare a statement of preliminary approval for the Village Board. Upon acceptance of that statement of preliminary approval, the Village Board then shall direct the Village Clerk to direct the escrowee or the financial institution issuing the letter of credit to pay over to the owner, without further demand or notice, any balance of funds then remaining undisbursed under said escrow agreement, letter of credit or surety bond. (Ord. 93-5, 5-24-93)