In lieu of the actual installation of required public improvements, the subdivider shall provide a financial guarantee of performance in one or a combination of the following arrangements subject to the review of Council.
(a) Performance Bond. A performance or surety bond to cover the cost of the contemplated improvements as certified by the Village Engineer and parks official shall be filed with the Village Clerk. Such bond shall specify the time period in which the improvements are to be completed and shall be with an acceptable bonding company authorized to do business in Ohio by the Secretary of State of the State of Ohio.
(b) Escrow Fund. A cash deposit, certified check or surety bond sufficient to cover the cost of the contemplated improvements as certified by the Village Engineer and parks official shall be deposited with the Municipal Clerk. The escrow deposit shall be for the estimated time period necessary to complete the required public improvements.
In the case of either cash deposits or certified checks, an agreement between Council and the subdivider may provide for progressive payments out of the cash deposit or reduction of the certified check or surety bond to the extent of the estimated cost of the completed portion of the public improvements as certified by the Village Engineer.
(Ord. 1972-20. Passed 12-19-72.)