1121.02 BOND.
   (a)   General. The subdivider/developer shall guarantee the construction of all required improvements in one of the following ways:
      (1)   The subdivider/developer shall, prior to construction of the improvements, seek preliminary approval by the Planning Commission. The subdivider/developer may construct all improvements. Upon completion of such improvements and their acceptance by the Municipal Engineer and Council, the subdivider/developer may request approval by the Planning Commission.
      (2)   The subdivider/developer may furnish a surety bond equal to the estimated cost of construction of all the improvements. The estimate shall be furnished by the Municipal Engineer.
      (3)   The subdivider/developer may make a cash deposit with the legislative authority in an amount equal to the estimated cost of improvements. The performance bond or cash deposit shall run to the Municipality and shall provide that the subdivider/developer, his/her heirs, successors and assigns, their agent or servants, shall comply with all applicable terms, conditions, provisions and requirements. Before such bond is accepted it shall be approved by the Municipal Engineer and Council.
      (4)   The subdivider/developer may furnish the Municipality with an irrevocable letter of credit or such other credit instrument as may be approved by Council in an amount equal to the estimated cost of construction of all improvements. Any such "credit", "letter of credit", "documentary draft", "documentary demand of payment" or other approved engagement shall designate the Municipality as "beneficiary" and shall be in such form and upon such condition as may be established by Council.
   (b)   Extension of Time. The construction of all improvements for which a surety bond or cash deposit had been provided by the subdivider/developer shall be completed within one (1) year after the subdivision has received final approval. If the subdivider/developer fails to complete such improvements within the prescribed time, he/she must show cause why the bond or the cash payment should not be forfeited. The Manager may, if reasonable cause is shown, grant an extension of time not to exceed six (6) months, at the end of which time if the improvements still remain incomplete, the Manager may request Council to initiate legal action to enforce compliance.
   (c)   Inspections. During the construction of the subdivision improvements, periodic inspections shall be made by the Municipality. The subdivider/developer shall notify the proper administrative officer when each phase of an improvement is ready for inspection. When acceptable evidence had been received by the Manager that all improvements have been adequately constructed, the Manager may recommend that the surety bond or cash deposit be released.
   (d)   As-Built Drawings. Improvements shall be installed as shown in the plans. “As-built” drawings shall be provided by the subdivider/developer on mylar. “As-built” drawings shall include locations, dimensions and specifications which differ from originally approved plans.
   (e)   One-Year Warranty Period. There shall be a one-year warranty period for all improvements made as part of the subdivision/development. All improvements must be completed and approved by the Municipality before the warranty period shall begin. In no event shall the Warranty Period commence until As-Built drawings have been submitted and approved by the Municipality. The final course of asphalt, if applicable, shall be permitted to be installed at the end of the one-year warranty period.
(Ord. 21-95. Passed 8-2-95.)
   (f)   For purpose of Chapter 1121 , subdivider/developer shall also include any owner, agent, or other individual acting on behalf of an owner or public/private utility, who has requested or is required to construct any of the improvements governed by Chapter 1121 .
(Ord. 9-96. Passed 6-19-96.)
      EDITOR'S NOTE: The Village Zoning Ordinance which is codified as Titles Three to Seven of this Part Eleven - Planning and Zoning Code was adopted by Ordinance 12-92, passed June 17, 1992. Amendments to Ordinance 12-92 will be indicated by the insertion of legislative histories at the end of the new or amended provisions.