No plat of a subdivision of land in the Village which involves the opening, widening or extension of any street shall be approved or accepted, no lot in any such subdivision shall be sold or leased, and no building permit shall be issued for the improvement of any lot in any such subdivision, unless all streets in such subdivision are first improved in accordance with the specifications set forth in Section 1222.02, or unless the subdivider files with the Village Clerk an agreement and bond in form satisfactory to the Solicitor and in an amount equal to the approximate total cost of such improvements, which will insure and guarantee that all the required improvements shall be completed within one year after final approval of the plat.
(Ord. 1959-74. Passed 1-13-60.)