A maintenance bond shall be posted with the Village for a period of at least 1 year before the performance bond is released. The maintenance bond shall be posted at a minimum of 10% of the total construction costs. In no case shall the maintenance bond be released until 12 months after the final road surface has been laid. The final surface shall not be applied unless at least 75% of the lots in the subdivision have been built or 3 years in time have passed since the installation of the first course of asphalt, whichever occurs first. A longer period of time may be required for the posting of a maintenance bond if required by the Village to assure proper maintenance of the facilities. The developer will be responsible for all maintenance, including snow removal and repair of all facilities until accepted by the Village.
(Ord. 31-2007. Passed 12-20-07.)