In lieu of the completion of any improvements and utilities prior to the final approval of the plat, the Planning Board may require a bond with a surety company satisfactory to the Board as surety thereon, to secure to the Village the actual construction and installation of such improvements or utilities at a time and according to specifications approved by the Board.
[Added 1-21-1981 by L.L. No. 1-1981]
Prior to or at the time of the acceptance of the dedication and the release of the performance bond, a surety company bond or a certified check, made payable to the Village of Kings Point in an amount determined by the Planning Board, shall be posted to guarantee the maintenance, repair or replacement of any and all defects which appear in the improvements installed by the applicant for a minimum of two years from and after the acceptance by the Village of a deed of dedication of the streets and other public areas shown on the plat.