(a) Performance Bond. No plat of a subdivision of land within the Village shall be approved by the Planning Commission until there has been submitted to Village Council an engineering plan of all improvements to be constructed in the subdivision and until the plan has been approved by Village Council and the improvements have been constructed according to the plan, or, in lieu thereof, there has been deposited with the Village a performance bond in the sum of the cost of the improvements, as determined by the Village Engineer, in a form approved by the Director of Law and with a completion date satisfactory to Village Council.
(b) Maintenance Bond. No improvements shall be approved or accepted by the Village after construction until the Village is furnished with a maintenance bond in a form acceptable to the Director of Law, in the amount of ten percent (10%) of the construction cost of such improvements and for a term to be determined by Village Council, but not to exceed a period of two (2) years.
(c) Deposit Required. No plat shall be approved until there is deposited with the Village a sum equal to not less than two percent nor more than four percent (4%) of the construction cost of such improvements, as determined by the Village Engineer, to be used to defray the costs of inspection of the installation of such improvements by the Village. Any portion of the deposit which is not so used shall be returned to the persons making the deposit upon the acceptance of the improvements by the Village. (Ord. 2879. Passed 10-23-23.)