(A) The subdivider shall provide a security agreement guaranteeing the installation of all required improvements. The security agreement must be approved by the Village Attorney and in an amount sufficient to guarantee the installation of all improvements.
(B) In the case of an escrow account, the subdivider shall file with the Village Board an agreement between the bank and himself or herself guaranteeing the following:
(1) That the funds of said escrow account shall be held in trust until released by the Village Board and may not be used or pledged by the subdivider as security in any other matter during that period; and
(2) That in the case of a default on the part of the subdivider to complete said improvements, the bank shall immediately make the funds of said account available to the Village Board for use in completion of the improvements.
(Ord. 2009-04, passed 4-23-2009)