(a) Upon completion of construction of public improvements and certification by the Village Engineer that said public improvements have been completed according to plan and Village specifications, the subdivider shall furnish a bond providing for the maintenance of said streets for a period of three (3) years from the date of acceptance of said improvements by Village Council.
(b) Said maintenance bond shall be posted with the Mayor in the amount of one hundred (100) percent of the cost of improvements as determined by the Village Engineer. Said bond shall be in the form of either a cash deposit or corporate surety bond in such form as is approved by the Village Law Director. If the subdivider fails to perform such maintenance to the complete satisfaction of the Village, the Village may use funds from the maintenance bond for improvements within the subdivision.
(Ord. 1999-47. Passed 10-13-99.)