(A) The Village Clerk may release up to 90% of the amount of the performance bond/escrow deposit upon receipt of written authorization from the Administrator. The amount which the Administrator authorizes to be released shall be equal to the value of improvements actually completed in accordance with approved plans.
(B) The balance of the amount of the performance bond/escrow deposit shall not be released by the Village Clerk until:
(1) The Administrator has certified to the Administrator in writing that all required improvements have been satisfactorily completed; and
(2) Said improvements have been accepted by and dedicated to this village or other appropriate entity.
(1999 Code, § 34-3-18)