(a) Before a subdivision plan is given final approval and the record plat released by the Village for recording, the developer shall have executed a surety with the Village covering the estimated cost of required improvements. Bonds shall be posted in the office of the Village Fiscal Officer.
(b) The surety shall run to the Village of Gibsonburg for a period of 2 years from the date of execution, and shal1 provide that the sub-divider, his heirs, successors, and assigns, their agent or servants will comply with all applicable terms, conditions, provisions, and requirements of these and other pertinent regulations, and will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with such laws and regulations.
(c) Before said surety is accepted it shall be approved and reviewed by the Village Solicitor. (Ord. 31-2007. Passed 12-20-07.)