In lieu of the installation of the above improvements prior to the approval and recording of the plat, the subdivider may file a surety bond or escrow agreement. Said surety bond or escrow agreement shall not be released by the Village until all required improvements for the subdivision have been completed and accepted by the Village. The escrowed funds, by the terms of the escrow agreement, shall be retained on deposit until such improvements have been satisfactorily completed and shall not be disbursed except upon the written authorization of the Chairman of the Village Planning Commission. (Ord. 574. Passed 5-21-97.)