(A) Installation of improvements. Before final plat approval of any subdivision within the village is granted, the subdivider shall either install the improvements required under this chapter or shall furnish the Village Clerk-Treasurer with a satisfactory surety performance bond or other form of surety to the village, as approved by the Village Attorney, to cover the subdivider’s cost of the required improvements as estimated by the Village Engineer. The purpose of this surety is to secure the actual construction and installation of these improvements immediately after final plat approval or at a time in accordance with the requirements of the Village Board.
(B) Surety bond. If a surety performance bond is furnished, as provided in division (A) above, all required improvements must be completed within one year from approval of the final plat. If not so completed and unless good cause can be shown for granting an extension of time, the Village Board, at its option, may cause all the uncompleted work to be constructed and the parties executing the bond shall be firmly bound for the payment of all necessary costs thereof. The Village Clerk-Treasurer shall return the bond to the subdivider upon the completion and acceptance of the required improvements, at which time a one-year maintenance guarantee bond must be filed guaranteeing the timely repair of any defects that may occur in the ensuring one year.
(`99 Code, § 8.09)