(A) Requirement. The subdivider/developer shall maintain all the improvements in the subdivision until they have been accepted by and dedicated to the village or other appropriate entity.
(B) Maintenance bond.
(1) (a) Prior to dedication, the subdivider/developer shall post a maintenance bond with the Village Clerk in the form approved by the Municipal Attorney. Said bond shall be in the amount of 125% of that amount determined by the Municipal Engineer to be sufficient to guarantee the satisfactory condition of the required improvements for a period of two years from the date of their acceptance and dedication.
(b) If at any time during the two-year period the improvements are found to be defective, they shall be repaired/replaced at the expense of the subdivider/developer.
(2) If the subdivider/developer fails or refuses to pay such costs within 90 days after demand is made upon him or her by the administrator, the village shall use the maintenance bond to make the necessary repairs/replacement. If the cost of repairs/replacement exceeds the bond amount, the subdivider/developer shall be liable for the excess. At the end of the two-year period, the maintenance bond shall be released.
(Prior Code, § 11-4-5) (Ord. 731, passed 7-1-2013) Penalty, see § 154.99