If any portion of the required improvements shall fail to be completed and accepted for dedication in compliance with § 153.134 of this chapter within the required time period, either for reason of non-completion or for reason of substandard and unacceptable construction, the Village Board shall accept one of the following sections:
(A) Where improvements have the village guaranteed under § 153.126 of this chapter, the bond shall be forfeited to the village.
(B) (1) Where improvements have the village guaranteed under § 153.126 of this chapter, the Village Board shall declare whatever security has the village pledged as a guarantee to be forfeited.
(2) Where the Village Board is not already in possession of said security, it shall immediately take the actions necessary to obtain it. Upon receipt of the security, the Village Board shall use such to finance the completion of the improvements or rebuilding of substandard improvements. Unused portions of the surety shall be returned to the subdivider without interest.
(Ord. 2009-04, passed 4-23-2009)