The subdivider shall deposit cash, or other instrument readily convertible to cash at face value, either with the Village Board or in escrow with a bank. The use of any instrument other than cash, and in the case of an escrow account, the bank with which the funds are to be deposited, shall be subject to the approval of the Village Board. The amount of the deposit shall be an amount equal to 110% of the estimated cost of all required improvements as estimated by the subdivider and accepted by the Village Board upon recommendation of the Village Engineer.
(Ord. 2009-04, passed 4-23-2009)