Before consideration of a final plat by Council, the Planning Commission must be satisfied that all improvements required by Chapter 1215 have been constructed in accordance with the approved plans. If it is not desirable or possible to do all of the work herein required to place the streets and other improvements in an acceptable condition prior to the submission of the final plat to Council for approval, then in lieu of the completion of the improvements, a bond executed by an acceptable surety company, based on an estimate by the Village Engineer and approved by the Law Director, shall be furnished by the subdivider in an amount equal to the cost of construction of such improvements. The surety will be subject to the condition that the improvements will be completed within 24 months after approval of the final plat, and if they are not completed, the Village shall proceed with the work and hold the owner and the bonding company jointly responsible for the cost thereof. As an alternative, the subdivider may deposit a certified check with and payable to the Village, in place of the surety bond. The surety bond shall be held by the Village for a 12-month period after completion of the pavement and underground improvements to provide funds to pay for maintenance, repairs or reconstruction as deemed necessary by Council.
(Ord. 650.  Passed 3-19-63; Ord. 778.  Passed 7-7-70.)