(A)   The Village Board shall either approve or disapprove the application for final plat approval by resolution within 60 days from the date of said application or the filing of the last item of required supporting data, whichever date is later, unless the Board and the subdivider mutually agree to extend this time limit.
   (B)   The Village Board shall not approve any final plat unless:
      (1)   The final plat substantially conforms to the approved preliminary plat;
      (2)   The final plat manifests substantial compliance with the design and improvements standards of this chapter, zoning code and the official map;
      (3)   To the Board’s knowledge and belief, the final plat complies with all pertinent requirements of state law; and
      (4)   Either of the following has been met:
         (a)   All required improvements have been completed, inspected, accepted and dedicated; or
         (b)   The subdivider/developer has posted a performance bond or deposited funds in escrow to guarantee the satisfactory completion and dedication of all required improvements.
   (C)   If the Village Board disapproves the final plat, its resolution shall specify the aspects in which the plat fails to meet the above conditions for approval.
   (D)   The Village Clerk shall attach a certified copy of the Board’s resolution of approval or disapproval to the final plat. One copy of the resolution and plat shall be retained by the Clerk, one copy shall be filed with the Administrator, and one copy shall be given to the subdivider.
(1999 Code, § 34-3-27)