(A) Before approval of any final plat, the subdivider shall agree in a written Statement of Intent and Agreement, or S.I.A., to be submitted to and approved by the Board of Trustees, to install and construct right-of-way, utility and other public improvements, to pay all required fees, and to make all required donations in accordance with the requirements of the ordinances of the village. The S.I.A. shall state the approximate date when installation of public improvements will commence and a reasonable date for completion of the public improvements. If the S.I.A. does not otherwise provide a completion date, the improvements shall be completed within three years of the date of final plat approval and recording. An S.I.A. may be amended to extend the time for commencing and completing public improvements. An S.I.A. shall be binding upon the successors, heirs and assigns of the subdivider or developer.
(B) Before approval of any final plat or S.I.A. in the platted subdivision, the subdivider shall guarantee the completion of the public improvements to be installed or constructed in accordance with the S.I.A. and the ordinances of the village, together with all other commitments by the subdivider, by submitting a corporate surety bond or other financing surety, in a form to be approved by the Village Attorney. For the purposes of this chapter, OTHER FINANCING SURETY shall be defined as letters of credit, impound letters or similar devices made by a sound and reputable financial institution whereby a sum of money is set aside and restricted as payment for the performance of specific obligations by the subdivider and which are irrevocable except by prior notice to the village.
(C) A subdivider may freely assign, transfer or convey property within a platted subdivision, but such assignment, transfer or conveyance shall not affect the principal obligation of the subdivider to perform its obligations under this chapter or an executed S.I.A. without a written amendment to the S.I.A. The conveyance of property within a platted subdivision to grantees of such a subdivider shall render the grantees responsible only for performance of a pro-rata share of such obligations in the event of default by the subdivider and the surety.