Following approval of the preliminary plat by the Planning Commission and Village Council, the subdivider shall comply with one of the following sections.
(a) Install all improvements required in the preliminary plat, in strict compliance with all drawings and/or specifications.
(b) Furnish a performance bond in an amount of one hundred percent (100%) of the estimated cost of the proposed improvements to ensure to the Village Council that all work will be completed as shown.
(c) In lieu of a performance bond, a cash escrow account may be used. The amount of the cash escrow shall be as determined by the Village Council.
(d) In lieu of a performance bond, an “irrevocable” letter of credit may be used.
(Ord. 1990-9. Passed 2-7-91.)