(A) Upon conditional acceptance of the development improvements by the village, the developer shall provide the village with a written two-year guarantee against failure of any of said improvements.
(B) The developer shall provide a financial guarantee equal to 10% of the construction cost of development improvements for this guarantee.
(C) Failure shall be as determined by the Village Engineer. At the end of the two-year period, the Village Engineer shall inspect the development and inform the developer of any defects that must be corrected.
(D) If the developer does not correct the defects, the village may declare a forfeiture of the guarantee.
(2009 Code, § 41-3-9) (Ord. 10-09-01, passed
10-09-2001
)