(A) Upon acceptance of the public improvements, the applicant shall furnish to the village a maintenance guarantee equivalent to 25% of the total cost of the public improvements.
(B) The maintenance guarantee shall be in effect for a two-year period from the date of acceptance of the public improvements. The guarantee shall be presented in one of the following forms:
(1) Irrevocable letter of credit for the benefit of the village;
(2) Cash escrow deposit for the benefit of the village; or
(3) Other financial assurance acceptable to the village and the Village Attorney.
(Ord. 808, passed 4-19-2006)