1105.06 DEPOSITS, BONDS AND INSURANCE.
   The subdivider may receive approval and acceptance of the plat provided the following conditions are met:
   (a)    The subdivider shall deposit a cash security with a local bank or savings and loan association in the amount of one hundred percent (100%) of the estimated cost of the improvements, such as storm sewers, sanitary sewers, water lines, pavements, sidewalks, etc., including the cost of maintaining such improvements until acceptance of such improvement by the Village. The local bank or savings and loan association shall be directed to pay out portions of the cash security towards the completion of such improvements only with the approval of the Village Engineer, who may require a balance to be maintained which in his opinion, is sufficient to complete such improvements in accordance with the plans and specifications of the Village and shall authorize the release of any balance to the subdivider only upon acceptance of such improvements by Council.
    In the event such improvements are not constructed and not maintained, the Village shall have the option after thirty days written notice to the subdivider to complete and maintain such improvements and to collect and receive from the local bank or savings and loan association, any remaining balance of such deposit to be applied toward payment of costs add expenses of completing such improvements; or
   (b)    The subdivider may petition the Village to construct such improvements and assess the total against the benefitted lots. This procedure may be followed upon condition that the subdivider furnishes the Village with a bond, with surety to the satisfaction of the Village, guaranteeing the payment of the assessments as they fall due. Such bond may provide that as houses are constructed and sold to the individual owners the amount of the bond shall be reduced not more than once each year in proportion to the amount of the assessment against such lot. When houses have been completely constructed on seventy-five percent (75%) of the lots the bond shall be released; or
   (c)    The subdivider may furnish corporate surety bonds in the principal amount of the estimated cost of such improvements with surety, to the satisfaction of the Village, in such form as is approved by the Solicitor, guaranteeing completion and maintenance for a period of one year after construction is complete, of such improvements according to plans, profiles and specifications and to the satisfaction of the Village Engineer. Such bond shall remain in effect until such improvements have been completed and maintained as provided in these regulations and until released by resolution of Council. Such bond shall provide that upon default of performance by the subdivider the Village may complete the same after thirty days written notice. Such bond shall not be released until full performance.
   (d)    (EDITOR'S NOTE: This subsection was repealed by Ordinance 1996-8, passed May 13,1996.)
   (e)    In addition to the foregoing, a policy of indemnity insurance in the amount of five hundred thousand dollars/one million dollars ($500,000)/($1,000,000), personal liability per occurrence and one hundred thousand dollars ($100,000) property damage insurance per occurrence insuring the Village against any claims for damage to person or property resulting from or by reason of the construction and maintenance of the above mentioned improvements shall be furnished to the Village and maintained in force by the subdivider. The insurance policy shall remain in full force and effect until all improvements are completed and maintained to the satisfaction of Council.
      (Ord. 1967-18. Passed 5-8-67.)