(a) The developer shall execute and file with the Village financial guarantees for the installation and completion of the required improvements concurrently with the application for approval of the final plat. Such guarantees may be in the form of a performance or surety bond, a certified check or any other type of surety approved by the Village.
(b) The terms of such guarantee shall be determined by Council, on advice of the Solicitor. Bonds shall be executed by the subdivider as principal with a surety company authorized in the State of Ohio.
(c) The financial guarantees shall be in an amount equal to the estimated total cost of materials and labor required to install or construct the improvements, plus fifteen (15%) percent for engineering and legal fees and contingencies. Such costs shall be verified and approved by the Village Engineer.
(d) The subdivider shall pay to the Village Treasurer a filing fee and a deposit for services performed by the Village Engineer, and Solicitor as determined above by the above officials and submitted to the subdivider in writing. An itemized statement of services hereunder shall be provided to the subdivider 10 days before any disbursement thereof by the Treasurer. The subdivider may be required to supplement this fund, or the deposit for costs if it is determined by the Village Engineer or Solicitor that the funds remaining on hand are insufficient to cover the costs to complete the improvements. The Village Engineer shall provide written notice of the need for supplemental funds. If there are any funds remaining after the maintenance period has expired they shall be refunded to the subdivider.
(e) The developer shall guarantee the construction and materials of the street pavement for a two-year period after acceptance by the Municipality and all other improvements for a one year period after acceptance by the Municipality. In order to secure the guarantee, he shall deposit with the Municipality an amount equal to ten (10%) percent of the total cost of the construction of the total improvements, or furnish a maintenance bond equal to 10% of the total cost of the construction of all improvements.
(f) The subdivider shall furnish such insurance as is deemed necessary by the Solicitor or which is equal to the insurance coverage the Municipality carries, which shall indemnify and hold harmless the Municipality from any and all liability arising by reason of the unimproved condition of the streets or other improvements of such subdivision which may arise or grow out of the construction or installation of such facilities. The insurance shall be of such duration, amount and form as determined by the Solicitor but shall in no case be allowed to expire earlier than the effective period of any maintenance bond. A copy of the insurance policy shall remain at all times with the Clerk of the Village.
(g) The Clerk shall not issue any building permits for any structure on a lot in a subdivision for which a plat has not been approved and recorded in the manner herein prescribed, and/or for which all required improvements have not been installed and accepted by the Municipality.
(h) In the event the subdivider fails to complete the installation of required improvements according to the terms and conditions of the agreement, the Municipality upon proper notice, may complete the same and appropriate such necessary portion of the money or bonds posted for such work. Further, the Village may pursue any and all other legal remedies available, either civil or criminal, for enforcement of the provisions of these regulations, and to obtain the full cost, administrative and legal, for completing such improvements, or causing them to be completed. (Ord. 17-1994. Passed 6-6-94.)