The security shall remain in effect until the Subdivision Improvements are accepted by the Village Board (§ 155.076), at which time the security shall be reduced to a minimum of 5% of the original security amount. All Subdivision Improvements must be completed within two years from the date when the security was approved. If Subdivision Improvements (other than sidewalks subject to separate security) have not been completed within said two years, the subdivider shall at the village’s option, to be exercised at any time after expiration of the two-year period, forfeit the security in the amount necessary for the village to carry out the construction or repairs so that the Subdivision Improvements meet the standards of this chapter, plus administrative costs involved.
(Ord. 94-01, passed 1-25-94; Am. Ord. 12-21, passed 6-12-12; Am. Ord. 16-35, passed 6-28-16)