No approval of a final plat of subdivision shall be made by the Planning and Zoning commission or the village president and board of trustees unless a performance bond, cash or escrow account, established in accordance with the provisions of this title, has been presented. This bond, cash or escrow account will secure the satisfactory completion of all improvements in accordance with the description, plans, profiles and specifications submitted by the subdivider and approved by the Planning and Zoning commission. The bond, or portion of bond, shall be released only after acceptance of the improvements by the corporate authorities. (1978 Code § 7-1-9; amd. Ord. 2023-56, 9-7-2023)