(A) The Village Clerk or Treasurer may release up to seventy-five percent (75%) of the amount of the escrow deposit upon receipt of written authorization from the Village Engineer.
(1) The amount, which the Village Engineer authorizes to be released, shall be equal to the value of improvements actually completed in accordance with approved plans.
(2) If escrow was provided in the form of an irrevocable letter of credit, the Village Engineer may designate a portion of the reserved credit to be released and no longer obligated to the Village.
(B) The balance of the amount of the escrow deposit shall not be released until:
(1) The Village Engineer has notified the Code Administrator, in writing, that all required improvements have been satisfactorily completed; and
(2) Said improvements have been dedicated to and accepted by the Village or other appropriate entity; and
(3) The Subdivider/Developer has posted the maintenance bond required by Section 34-4-37.