(A) All facilities and improvements installed prior to the final approval of the plat shall be dedicated to the village along with streets and other public areas upon approval of the plat.
(B) Facilities and improvements completed under bond or other financial guarantee, after approval of the plat, shall be considered dedicated to the village upon their approval and acceptance and release of the bond or other guarantee. Prior to the release of the bond or other guarantee, the subdivider shall file a one-year maintenance guarantee bond guaranteeing the timely repair of any defects that may occur in the ensuing year.
(`99 Code, § 8.09)