No improvement shall be constructed prior to final approval of the plat. In lieu of the completions of the improvements the developer shall enter into an agreement with the municipality setting forth the construction work to be performed, same to be secured by a bond, in the amount of 100% of the total cost of construction, executed by a surety satisfactory to the Village. The surety will be subject to the condition that the improvements will be completed, within 12 months after approval, and in event they are not completed, the Village shall proceed with the work and hold the owner and the bonding company jointly responsible for the costs thereof. The bond shall be subject to the approval of Council. The developer shall enter into a contract to provide for a performance bond.
(Ord. 0-5-73. Passed 6-5-73.)