In lieu of the actual installation of improvements as required herein, the village may require a financial guarantee of performance in 1 or a combination of the following arrangements for those improvements for which performance guarantees might not be required by County or State agencies in accordance with the Subdivision Control Act. Such guarantees shall be required for only those required improvements that have not been installed, and without certificates of completion, prior to the date of application for final plat approval.
(1984 Code, § 5.626)