The developer shall guarantee the construction and material of the street or private way improvements in a subdivision or development area for a twelve-month period after completion of construction and approval thereof by the Village Engineer, and in order to secure the guarantee, he shall deposit an amount equal to three percent (3%) of the total cost of the construction of street or private way improvements into the Private Way Maintenance Fund, which is hereby established, for the benefit of the Municipality or unit owners in a planned development area. Such Fund shall be administered by the Village and the funds may be utilized by the Municipality or unit owners to make necessary repairs or replacements during such guarantee period and, at the end of the guarantee period, any unused portion of such money shall be returned to the owner or developer.
(Ord. 2573. Passed 2-21-90.)