(A) All sites donated pursuant to this chapter shall be fully improved by the developer or subdivider.
(B) All property shall be dedicated or reserved for private space in a fully improved condition ready for service of electricity, gas, water and sewer service; streets, including sidewalks, enclosed drainage, curbs and gutters, shall be installed in compliance with the ordinances of the village.
(C) To ensure the timely installation of such improvements, the village may require the posting of a bond in the form of an irrevocable letter of credit in a form and from a financial institution that are both acceptable to the village.
(D) This letter of credit shall be in the amount of 120% of the cost of the required public improvements, as estimated by the Village Engineer and in accordance with all requirements of this chapter.
(E) This bond or letter of credit may be reduced under the conditions and in the same manner as is required by this chapter.
(Ord. 549, passed 10-2-89; Am. Ord. 841, passed 4-3-95; Am. Ord. 842, passed 4-3-95; Am. Ord. 1233, passed 5-20-02)