When a performance bond is made pursuant to the preceding section, the Village shall have the authority to enter into a written agreement, or to accept a release type performance bond which itemizes the several phases of the construction or installation in sequence with an amount equal to the cost of each phase and which further provides that 90% of each amount listed may be repaid to the subdivider upon completion and after inspection and approval of the particular phase of such work. However, ten percent (10%) of the performance bond shall not be released until all construction covered by bond is completed, inspected and accepted by the Village.
(Ord. 0-5-73. Passed 6-5-73.)