No final subdivision plat shall be approved by the Planning Commission until one of the following alternatives has been achieved:
(a) All improvements listed on the plat have been constructed in a satisfactory manner and approved as follows:
(1) Sanitary sewer extensions and water systems have been approved by the Board of Trustees of Public Affairs.
(2) All other improvements, including monuments, storm drainage, street paving, curbs and gutters, sidewalks and street name signs, have been approved by the Planning Commission's authorized representative.
(b) Security bonds or certified checks have been accepted by the Village as follows:
(2) Grading, storm drainage, street paving, curbs and gutters, sidewalks, street name signs and any other required improvements have been assured by a security bond or certified check accepted by the Village and made payable to the Village in an amount at least equal to the estimated cost, subject to approval of the Planning Commission's authorized representative, whereby such improvements may be completed without cost to the Village in the event of default of the subdivider. The bond or check shall be subject to the condition that the improvements will be completed within one year after approval unless an extension is granted by the Planning Commission.
(Ord. 1433. Passed 2-2-76; Ord. 75-96. Passed 11-18-96.)