(a) No subdivision shall be approved until Council is satisfied that all improvements required by this section have been constructed. In lieu of the completion of the improvements, a bond executed by a surety company shall be furnished by the subdivider equal to the cost of construction of such improvements as shown by the plans based on an estimate furnished by the Village Administrator/designee. The surety will be subject to the condition that the improvements will be completed within twelve months after approval, and in the event they are not completed, the Village shall proceed with the work and hold the owner and the bonding company jointly responsible for the costs thereof.
(b) The bond shall be subject to the approval of Council.
(Ord. 60-18. Passed 6-23-60.)