(a) After the completion of all required improvements in accordance with the standards and specifications of the Village pertaining to such improvements and to the satisfaction of the Village Engineer, the subdivider shall provide a maintenance bond in an amount determined by Council, but not less than ten percent of the improvement costs, which will ensure the Village that the improvements installed will be properly maintained and that any defects in material or construction will be corrected during a period of two years after completion of construction of all dwellings on each sublot shown on the subdivision plat, and, after approval and acceptance of the improvements by the Village. The subdivider, however, shall immediately file with the Village Engineer, upon approval and acceptance of the improvements by the Village, an original tracing in waterproof ink and on tracing cloth, together with three blueprints, of the final plat meeting the requirements stipulated in Section 1244.08.
(Ord. 1993-48. Passed 10-13-93.)
(b) In lieu of completing the required improvements, the subdivider may execute and file with the Village Clerk an agreement and bond in an amount determined by Council, in a form satisfactory to the Solicitor, equal to the approximate total cost of such improvements, which will insure to the Village that the improvements will be completed within two years after final approval of the improvement plans.