(A) No building permit or occupancy permit shall be issued for any building, structure or improvement within a subdivision approved in accordance with this chapter unless a valid and enforceable corporate surety bond or other financing surety in accordance with § 150.05 of this chapter is on file with the village to guarantee completion of improvements in the subdivision which the subdivider is required to install but which are not yet complete and/or accepted.
(B) Notwithstanding the provisions of division (A) above, building and occupancy permits shall be issued to individual lot owners (other than the defaulting subdivider or developer of the subdivision), even though a valid and enforceable corporate surety bond or other financing surety is not on file with the village, if the lot owner deposits cash or a separate corporate surety bond or other financing surety with the village in the amount of 125% of that lot’s pro-rata share of the estimated cost of all improvements remaining to be completed as required by this chapter or an applicable S.I.A., the estimated cost to be determined by the Village Engineer. Such funds shall be held for use by the village for the completion of the remaining improvements. Upon completion of all these improvements by the village, a pro-rata share of any remaining funds deposited under this division or surety proceeds shall be refunded to the lot owner. In the event that all such improvements are completed by the subdivider or developer as required by this chapter or an applicable S.I.A., all the funds shall be refunded to the lot owner.
(C) No building permit shall be issued for the construction of any building, structure or improvement unless the owner of the land upon which the building, structure or improvement is to be constructed has complied with the requirements of this chapter as applied to the property.