(A) The subdivider/developer shall maintain all the improvements in the subdivision until they have been accepted by and dedicated to the village or other appropriate entity. The dedication shall occur within two years of the village staff's certification that all required improvements have been satisfactorily completed, but can only occur if the below are followed.
(B) (1) Prior to dedication, the subdivider/developer shall notify the village in writing he or she is prepared to dedicate the improvements and shall post a maintenance guarantee with the village staff.
(2) The guarantee shall be in the form of an irrevocable letter of credit in the amount determined by the village staff to be sufficient to guarantee the satisfactory condition of the required improvements for a period of two years from the date of their acceptance and dedication.
(3) If, at any time during the two-year period, the improvements are found to be defective, they shall be repaired/replaced by the subdivider/developer at the subdivider's/developer's expense.
(4) If the subdivider/developer fails or refuses to pay such costs within 60 days after demand is made upon him or her by the village staff, the village shall have the defective items repaired and use the letter of credit to pay for the necessary repairs/replacement.
(5) If the cost of repairs/replacement exceeds the irrevocable letter of credit amount, the subdivider/developer shall be liable for the excess. At the end of the two-year period, the irrevocable letter of credit shall be released.