A. Bond, Surety Filed With Clerk: No building permit or occupancy permit shall be issued for any building, structure, or improvement within a subdivision approved in accordance with this title unless a valid and enforceable corporate surety bond or other financing surety in accordance with section 9-1-9 of this chapter is on file with the village to guarantee completion of improvements in such subdivision which the subdivider is required to install but which are not yet complete and/or accepted.
B. Individual Lot Owners: Notwithstanding the provisions of subsection A of this section, building and occupancy permits shall be issued to individual lot owners (other than the defaulting subdivider or developer of the subdivision), even though a valid and enforceable corporate surety bond or other financing surety is not on file with the village, if the lot owner deposits cash or a separate corporate surety bond or other financing surety with the village in the amount of one hundred twenty five percent (125%) of that lot's pro rata share of the estimated cost of all improvements remaining to be completed as required by this title or an applicable SIA, said estimated cost to be determined by the village engineer. Such funds shall be held for use by the village for the completion of such remaining improvements. Upon completion of all such improvements by the village, a pro rata share of any remaining funds deposited under this subsection or surety proceeds shall be refunded to such lot owner. In the event that all such improvements are completed by the subdivider or developer as required by this title or an applicable SIA, all such funds shall be refunded to such lot owner.
C. Compliance Required: No building permit shall be issued for the construction of any building, structure, or improvement unless the owner of the land upon which said building, structure, or improvement is to be constructed has complied with the requirements of this title as applied to such property. (1997 Code)