Performance bonds or other surety such as certified check or letter of credit, shall be required as stated in Section 1109.14, to assure the proper authorities that completion of the required improvements will be made and that the improvements will be in conformance with the standards established in these regulations.
The Village Council shall secure approval as to the form, sufficiency and execution of the surety from their appropriate legal counsel. The surety shall not be released until the Village Engineer has certified satisfactory completion of all the required improvements and the dedication of land and facilities for public use has been submitted to the Village Council as set forth in Section 1109.14. The amount of the surety may be reduced on a prorated basis, for completion of portions of the required improvements as approved by the Village Engineer if those required improvements have been dedicated for public use. In no event shall a surety be reduced below twenty percent (20%) of the principal amount. If the improvements are not completed on or before the completion date as established in Section 1109.14, then the Village Council may exercise the conditions of the bond or other surety and secure the completion of the improvements through the bonding company or the person, association, organization, partnership, trust, company, corporation or institution which provided the letter of credit or other surety guarantee.
Maintenance bonds or other surety shall be required by the Village to assure maintenance of all improvements in the subdivision by the subdivider, until dedication of said improvements are formally accepted by the Village Council. The amount of the surety shall be determined by the Village Engineer and be submitted and approved in the same manner as performance bonds or other sureties. Prior to formal acceptance of dedication, the subdivider shall provide for the upkeep and maintenance of all improvements, including snow removal. The maintenance surety shall be submitted for a period of at least one (1) year after the completion of the improvements and offer of dedication for public use is made, whichever occurs later, and shall not be required for longer than two (2) years.