If improvements are not completed as required in § 1250.01, the subdivider shall furnish the Village with a performance bond in the form of cash, property bond or bond of a recognized surety company acceptable to the Planning Commission, sufficient to cover the cost, including predicted inflation increase, as estimated by the appropriate Village agency, of all improvements required to be installed by the subdivider. Such bond shall be used to ensure the actual construction and installation of such improvements after approval of the final plat and within the time stated in § 1250.07. Such bond shall be subject to approval of the Law Director and shall be filed with the Finance Director.