The improvements and standards therefor described in this chapter have been adopted by the Village at a meeting on November 15, 1993 and no final or official submittal of any subdivision shall be approved unless the improvements listed in the sections of this chapter have been satisfactorily completed prior to such approval or the subdivider shall file with the Village Attorney a surety bond, cashier's or certified check, the amount and character of which shall be approved by the Village Engineer, for improvements. This bond guaranteeing to the Village that such improvements will be constructed and completed in a satisfactory manner and within a period specified by the Village Engineer, but such period shall not exceed two years. Such bond or checks shall be approved by the Village Attorney and shall be made payable to, and enforceable by, Council. Upon satisfactory completion of the improvements and approval of the same in writing by the Village Engineer, and with the presentation of letters of certification of payment in full of all contractors, subcontractors, suppliers of materials, engineers, surveyors and all inspection fees or other fees incurred by the installation of the improvements by the subdivider, the bonds may be released in writing by the Fiscal Officer, or the cashier's or certified check may be returned to the developer.
(Ord. 22-93. Passed 11-15-93.)