The applicant shall provide to the village guaranty security, in an amount equal to 10% of the actual cost of construction of all the public improvements, the form and substance of which shall be acceptable to the village attorney. The guarantee security shall insure the village against any defects in the work performed and materials used in the construction of the public improvements for two years after the village's acceptance of the public improvements. Such security, as approved by the village attorney, shall be delivered to the village prior to acceptance of the public improvements.
(Ord. No. 06-09-3151)