(A) Upon completion of construction of public improvements and certification by the Village Engineer that the public improvements have been completed according to plan and village specifications, the subdivider shall furnish a bond providing for the maintenance of the streets for a period of one year from the date of acceptance of the improvements by Village Council.
(B) The maintenance bond shall be posted with the Clerk of Council in the amount of 10% of the cost of improvements as certified by the Village Engineer. The bond shall be in the form of either a cash deposit or corporate surety bond in a form as is approved by the Village Solicitor. If the subdivider fails to perform the maintenance to the complete satisfaction of the village, the village may use funds from the maintenance bond for improvements within the subdivision.
(Ord. 5-06, passed 6-12-2006)