At the time of building permit application, the applicant shall post a cash bond or letter of credit in village approved format with the village equal to one hundred twenty five percent (125%) of the estimated cost of constructing said street improvement, as determined by the village engineer, to guarantee the completion of the improvement. Once the street is completed and accepted by the village, the cash bond or letter of credit shall be returned to the applicant. (Ord. 2004-660, 6-1-2004)