(A) Subdivider or developer shall convey to the respective school districts the land required under this chapter within 30 days after any subdivision plat or final plat of a planned unit development is recorded in the office of the Recorder of Deeds of the county.
(B) All improvements shall be completed within such time as is required by the village. A subdivider or developer shall make any cash contributions required under this chapter upon the sale of a lot or upon the issuance of a building permit, whichever occurs first.
(C) All moneys shall be paid to the Village Clerk of the village and shall be held in an account designated to be used solely for the purpose of holding the funds. A certified copy of the resolution establishing the amount of the contribution shall be filed in the office of the County Recorder of Deeds and the office of the Village Clerk of the village.
(D) The village shall divide all moneys so received among the respective school districts by grades and shall make disbursements upon written request made 90 days in advance to the respective school districts in accordance with the formula set forth in this chapter.
(Prior Code, § 16.04.120) (Ord. 261, (part), passed - -1974; Ord. 291, § 2 (part), passed - -1978)