(A) (1) Security to guarantee the satisfactory completion of subdivision improvements shall meet the following requirements:
(a) Form. Cash, certificates of deposit, treasury bills or an irrevocable letter of credit from a bank approved of and insured by the FDIC designating the village as beneficiary. All security shall be in a form satisfactory to the Village Attorney. The village shall have the right to reject any form of security it believes would be inadequate, for any reason, to guarantee the completion of all unfinished improvements.
(b) Amount. The aggregate amount of all security shall be equal to 100% of the total estimated cost of completing all the uncompleted improvements to be dedicated to the village and inspection fees. The costs estimates shall be made by the subdivider’s professional engineer, but must be approved by an engineer employed by the village.
(c) Posted with whom. Security for improvements which are to be dedicated to the village shall be posted with the Village Clerk. Security for improvements to be dedicated to some other governmental entity shall be posted with the official designated by that entity.
(d) Term. The security for any subdivision improvement within the village’s subdivision jurisdiction shall be irrevocable until said improvements are completed, dedicated to and accepted by the village.
(2) However, if any maintenance problem occurs after dedication to and acceptance by the village, but prior to release and return of the subdivider’s maintenance security, then in accordance with § 154.089(D), the subdivider’s security shall be used to correct the problem.
(B) (1) The Village Clerk may make partial releases of the completion security from time to time, upon written authorization from the Village Board. The amount which the Village Board authorizes to be released shall be equal to the value of the subdivision improvements made after written approval as determined by the subdivider’s professional engineer and approval by the Public Works Committee Chairperson; of the improvements covered by the completion security; however, the Village Clerk will retain a maintenance security, in the amount of 25% of the cost of the improvements dedicated to the village against the original completion security and this will not be released until § 154.089 security requirement is satisfied.
(2) Twenty-five percent of the amount of completion security posted with the village shall be retained until:
(a) The subdivider’s professional engineer has provided a statement to the Administrator in writing that all public improvements have been satisfactorily completed;
(b) The subdivider’s professional engineer has furnished supporting documentation evidencing the improvements were constructed as specified and required by the village;
(c) All public improvements have been completed, dedicated to and accepted by the village; and
(d) The subdivider submits an affidavit to the village certifying that all materials, labor or other costs associated with the construction of the public improvements have been paid or arrangements have been made for the payment of such costs.
(C) If improvements shown on approved improvement plans have not been completed within one year of the recording of the final plat with the County Recorder of Deeds, the Mayor, with the consent of the Board of Trustees, may elect to have the village complete such improvements and require the subdividers surety or bank to pay the cost of completing the improvements. Further, the village shall have the right to demand and receive payment from the surety or bank in advance of undertaking the completion of the improvements.
(`92 Code, § 34-4-3)