(A) In submitting the final plat to the Commission, it shall be accompanied by a notice from the Town Council stating that there has been filed with, and approved by, the Council one of the following:
(1) A certificate that all improvements and installations to the subdivision required for its approval have been made or installed in accordance with the specifications; or
(2) A bond which shall:
(a) Run to the town;
(b) Be in an amount determined by the Plan Commission to be sufficient in amount to complete the improvements and installations in compliance with this chapter;
(c) Be with security satisfactory to the Plan Commission; and
(d) Specify the time for the completion of improvements and installations.
(B) Any funds received from these bonds shall be used by the Town Council only for the completion of the improvements and installations for which they were provided, and said Council is authorized to complete such improvements and installations on the failure of the applicant to do so.
(C) After hearing and within a reasonable time after application for approval of the plat, the Commission shall approve or disapprove it. If the Commission approves it, it shall affix the Commission’s seal upon the plat, together with the certifying signature of its President and Secretary. If it disapproves it shall set forth its reasons in its own records and provide the applicant with a copy.
(Prior Code, § 8.4.1)