(a) Prior to the endorsement of the plat by Village Officials, the subdivider shall furnish a bond or other security in a form and amount acceptable to the Village Council. Said bond shall guarantee completion of all required public improvements associated with the subdivision in accordance with the approved plans and specifications for said subdivision. All construction covered by said bond shall be completed within one (1) year unless a greater period of time is approved by the Council. Performance bonds shall be in the amount of one hundred percent (100%) of the estimated cost of installing all required public improvements within or associated with the subdivision.
(b) Said bond shall remain in effect until said improvements have been completed and maintained as provided in these regulations and until released by authority of Village Council. Said bond shall provide that upon default of performance by the subdivider the Village may complete the same after 30 days written notice. In the event said improvements are not constructed within the time period designated, the Village shall have the option after thirty (30) days written notice to the subdivider to complete and maintain said improvements and to collect and receive from the surety any costs and expenses of completing said improvements.
(Ord. 1999-47. Passed 10-13-99.)