The developer shall guarantee the construction and material of the street improvements, shall maintain the street improvements for a period of two years from their date of completion and shall post a maintenance bond running in favor of the Village, if the Village accepts the dedication of such street improvements, or to the appropriate homeowner's association if the Village does not accept the dedication of such street improvements, in a form approved by the Director of Law. In any event, the maintenance bond shall be in the amount of twenty percent of the financial guarantees required by Section 1139.12 for the improvements.
(Ord. 2362. Passed 10-9-89.)