The Village Board shall not approve any final plat of subdivision (and, hence, said final plat shall not be entitled to recording) until:
(A) All improvements required in the improvements plan have been completed by the subdivider/developer at his or her expense, inspected by the Administrator and Engineer, and dedicated to this municipality or other appropriate entity; or
(B) In accordance with the sections below, the subdivider/developer has provided this municipality with legal assurance to guarantee the satisfactory completion and dedication of all required improvements.
(1999 Code, § 34-3-13)