(a) As required improvements are completed, the Village may agree to reduce the amount of the performance bond, cash deposit, or irrevocable letter of credit in an amount equal to the amount of construction completed upon request by the developer. In no event shall more than 90% of the bond, cash deposit, or letter of credit be released until all construction, installation, and improvements required by the sub-divider's contract have been completed and approved by the Village.
(b) No reduction in surety for street and storm sewer bonds shall be made until the first course of asphalt has been laid.
(Ord. 31-2007. Passed 12-20-07.)