(a) Performance Bonds. Prior to the endorsement of the plat by Village officials, the subdivider shall furnish a bond or other security in a form and amount acceptable to the Village Council. Said bond shall guarantee completion of all required public improvements associated with the subdivision in accordance with the approved plans and specifications for said subdivision. All construction covered by the bond shall be completed within one year unless a greater period of time is approved by the Council.
(b) Maintenance Bonds. Upon completion of construction of public streets, the subdivider shall furnish a bond providing for the maintenance of said streets for a period of one year from the date the Village Engineer certifies that the streets have been completed according to plan.
(c) Indemnity Insurance. A policy of indemnity insurance in the amount of $500,000/$100,000 personal liability and $50,000 property damage protecting the Village against any claims for damage to person or property resulting from or by reason of the construction of the subdivision improvements shall be furnished to the Village prior to the start of construction, and shall be maintained in force by the subdivider until all improvements are completed to the satisfaction of the Village Engineer.
(Ord. 3-89-06. Passed 3-1-89.)