(A) In lieu of the completion of the improvements as required, prior to the approval of the dedication plat, the developer shall give a full construction performance bond, executed by a surety or sureties, satisfactory to the fiscal officers of the village or a certified check, guaranteeing the completion of the improvements within six months or a reasonable period of time as fixed by the Planning Commission and Council.
(B) This bond or check shall be in an amount equal to the cost of completing the improvements as estimated by the Village Engineer.
(C) If not completed as agreed upon, the bond shall be forfeited, the money collected and the money shall be used only to complete said specified utilities. The money collected from the bond shall be used for no other purpose. Any funds remaining after completion of the work shall be returned to the original depositor or surety company.
(Ord. 696, passed 6-4-1973)