The aforesaid required public improvements shall become the property of the village after construction of such improvements by the applicant or his designated representative, followed by approval of such construction and installation by the president and the board of trustees of the village.
A. Immediately upon the aforesaid approval by the president and board of trustees, the applicant shall give title to such water mains, sanitary sewer mains and other public improvements to the village by a proper bill of sale.
B. Furthermore, not later than at the time of said approval by the village and the giving of the aforesaid bill of sale by the applicant, the applicant shall have posted with the village adequate surety consisting of ten percent (10%) of the actual construction cost in the form of a letter of credit, maintenance bond, cash deposit or certified or cashier's check.
C. The final release of the original maintenance guarantee, less any costs of repairs covering a subdivision's improvement work held for the two (2) year guarantee period will be predicated upon an inspection of all improvements including a leak detection test of the subdivision's water main segments, and a videotape recording of a television inspection at all sanitary sewer mains conducted within sixty (60) days of the expiration of the two (2) year guarantee period. An approved qualified leak detection specialist will perform this test. The test results will be forwarded to the village engineer for final determination of an acceptable level of leakage. The village engineer will then, based on the test results, recommend the final release of the remaining letter of credit or other maintenance surety sum still being held for the water main and sanitary sewer main guarantees. Such deposit shall be posted with the village under the terms of section 16.24.020 of this chapter. Such deposit shall be held by the village for a period of twenty four (24) months after the final acceptance of such improvements for the purpose of:
1. Guaranteeing against and securing the correction of any defect in material or workmanship furnished for such improvements, latent in character and not discernible at the time of final inspection or acceptance by the village;
2. Guaranteeing against and securing the correction of any damage to such improvements by reason of settling of the ground, base, or foundation thereof.
D. Such maintenance guarantee shall also provide that as such defects develop, the cash deposit may be applied by the village for any amounts incurred to correct such defects and that the balance of such deposit, if any, held at the end of such twenty four (24) month period, shall be returned by the village to the depositor without interest. (Ord. 2004-O-14 § 1)