"KNOW all men by these presents that we, _________________________________ (name of individual, corporation, etc.), as principal, and the _____________________________ (name of bonding company), a corporation authorized to do business in the State of ______________ as surety, are held and firmly bound unto this Village of _____________________, in the penal sum of _____________ Dollars, lawful money of the United States for the payment of which we and each of us bind ourselves, our heirs, executors, administrators, successors and assigns jointly by these presents:
"The condition of this obligation is such that whereas, the ____________________________(name of individual, corporation or principal) has agreed to construct and/or install at its expense the following improvements:
Street base and paving.
Concrete curb and gutters.
Water mains, appurtenances, and house services.
Storm sewers, appurtenances, and house services.
Sanitary sewers, appurtenances and house services.
Concrete sidewalks ) Optional
Street lights ) Optional
Site improvements ) Optional
all in accordance with the specifications and codes of the Village and contained in plans and specifications prepared by ______________________ (named engineer), and approved by the Village Board, at the following location:
___________________________________________________________________________________
(DESCRIPTION OF PROPERTY)
"And has agreed to maintain such improvements constructed under this bond for a period of one (1) year from the date of acceptance of the same by the Village Board.
"NOW, THEREFORE, if the said principal shall well and truly perform in all respects in strict accordance with the requirements, and shall save the Village harmless from all loss, cost or damage, by reason of their failure to complete said work, or maintain said improvements, relating to the above described work, then this obligation to be void, otherwise to remain in full force and effect."
(1994 Code, § 34-6-4)