A one-year maintenance bond shall be required on all subdivisions to which the subdivision ordinance applies and on which there has been a performance bond issued. Said maintenance bond shall be in a sum to be determined by Council and/or Village Administrator, and with a bonding surety company authorized to do business in the State of Ohio, and preferably with the same company or bonding person or persons that had the performance bond on the subdivision. The 10% coverage of the performance bond referred to above, which is not to be released until all construction has been completed and with the final approval of the Village Council, shall not be released until said one-year maintenance bond is in effect and a copy filed with Council.
(Ord. 0-5-73. Passed 6-5-73.)