With respect to financial guarantees, the approval of all final subdivision plats shall be conditioned on the accomplishments of one of the following:
(a) The construction of improvements required by the ordinance from which this section was derived shall have been completed by the subdivider and approved by the Village Council.
(b) Surety acceptable to the Village shall have been filed in the form of a cash deposit, certified check, negotiable bonds, irrevocable bank letter of credit or surety bond.
(1) Special agreement. A special agreement shall be entered into between the subdivider and the Village Council where street trees and streetlights have been required by the Village Council.
(2) Inspection of public improvements under construction. Before approving a final plat and construction plans and specifications for public improvements, an agreement between the subdivider and the Village Council shall be made to provide for checking or inspecting the construction and its conformity to the submitted plans.
(3) Penalty in case of failure to complete the construction of a public improvement. In the event the subdivider shall, in any case, fail to complete such work within such period of time as required by the conditions of the guarantee for the completion of public improvements, it shall be the responsibility of the Village Council to proceed to have such work completed. In order to accomplish this, the Village Council shall reimburse itself for the cost and expense thereof by appropriating the cash deposit, certified check, irrevocable bank letter or credit, or negotiable bond which the subdivider may have deposited in lieu of a surety bond, or may take such steps as may be necessary to require performance by the bonding or surety company, and as included in a written agreement between the Village Council and the subdivider.
(Ord. 106-A86. Passed 4-9-14.)