(A) The amount of the assurance shall be equal to the village staff's estimate of the costs of constructing the uncompleted portion of the required improvements, plus any costs of bid advertising or other cost incurred and all required inspection and administrative fees.
(B) Any assurance shall be in the form of either:
(1) Cash;
(2) An irrevocable letter of credit from a lending institution guaranteeing to the village the availability of the escrow funds upon demand. The irrevocable letter of credit shall be such that the location for the village to present a request for drawing(s) shall be no more than 30 miles from the Shiloh Municipal Building; or
(3) Certificate of deposit, treasury bills or other readily negotiable instruments approved by village staff and made payable to the village.