The security shall remain in effect until it is released by the Village Board upon final acceptance of the public improvements. All public improvements must be completed within two years from the date when the security was approved. If public improvements have not been completed within said two years, the subdivider shall forfeit the security in the amount necessary for the village to carry out the construction or repairs so that the public improvements meet the standards of this chapter, plus administrative costs involved.
(Prior Code, § 150.029) (Ord. 96-006, passed 2-5-1996)