(A) Treasurer, Escrow Agent or Trust Company. A deposit by the proprietor with the Village Clerk in the form of cash, a certified check or irrevocable letter of credit, whichever the proprietor selects, or a surety bond acceptable to the Village Council, shall accrue to the Village for administering the construction, operation or maintenance of the improvement.
(B) Amount. The amount of the cash deposit, certified check, or irrevocable bank letter of credit, shall be equal to the total estimated cost of construction of the improvement including contingencies as estimated by the Village Engineer.
(C) Escrow time. The escrow time for the cash deposit, certified check, or irrevocable bank letter of credit, shall be for a period to be specified by the Village Council.
(D) Progressive payment. In the case of cash deposits or certified checks, an agreement between the Village and the proprietor may provide for progressive payment out of the cash deposit or reduction of the certified check, or irrevocable bank letter of credit, to the extent of the estimated cost of the completed portion of the improvement in accordance with the agreement for financial guarantees.
(1984 Code, § 5.628)