(a) In lieu of the completion of the improvements required, prior to the approval of the dedication plat, the developer shall give a full construction performance bond, executed by a surety or sureties satisfactory to the Clerk-Treasurer, or a certified check, guaranteeing the completion of the improvements within six months or a reasonable period of time as fixed by the Zoning Commission. This bond or check shall be in an amount equal to the cost of completing the improvements, as estimated by the Village.
If the improvements are not completed as agreed upon, the bond shall be forfeited and the money shall be collected and used only to complete the specific utilities and for no other purpose. Any funds remaining after the completion of the work shall be returned to the original depositor or surety company.
(b) The developer shall pay the Village a reasonable fee, as may be prescribed by the Village, to defray the cost of any inspection and whatever engineering services may be involved in the installation of the improvements.
(Ord. 435. Passed 11-4-60; Ord. 2012-07. Passed 10-16-12.)