At the direction of the Village Board, the required legal assurance shall be in the form of an escrow deposit.
(A) Any funds to be held in escrow shall be deposited with the Village Treasurer.
(B) Every escrow deposit shall be in the form of:
(1) Cash; or
(2) An irrevocable Letter of Credit or commitment from a lending institution guaranteeing to the Village the availability of the escrow funds from time to time upon demand; or
(3) Certificate of deposit, treasury bills, or other readily negotiable instruments approved by the Village Treasurer and made payable to the Village.
(C) The amount of an irrevocable Letter of Credit shall be equal to one and one/half (1½) times the Village Engineer's estimate of the cost of constructing the unfinished portion of the required improvements, plus all required inspection fees. Said estimate shall initially be prepared by the Subdivider/Developer's engineer and subsequently reviewed and adjusted by the Village Engineer, as he deems appropriate.
(D) For any improvements that will be dedicated to some other governmental entity, assurance shall be posted with the official designated by said entity.