If required improvements and utilities have not been
completed under the inspection and to the satisfaction of the Board
prior to final approval of the plat, then and in that event, and before
such final approval of the plat, the applicant will be required to
file with the Board a surety company bond in an amount determined
by the Board and in accordance with the form supplied by the Board,
to secure to the village the actual construction and installation
of such improvements required by the Board on such final approval
and at a time fixed by the Board and in accordance with the requirements
of the Board under these regulations. As to utilities required by
the Board on such final approval, the Board may, in its sole discretion,
accept assurance in writing from each public utility company whose
facilities are proposed to be installed. When such writing is acceptable,
it shall be addressed to the Board and state in substance or effect
that such public utility company will make the installations necessary
for the furnishing of its services within the time therein specified
and as satisfactory to the Board. There may also be included in determining
the amount of such bond the reasonable cost of inspection of such
improvements by the Board, the estimated cost of employing a watchman
to guard any stormwater drainage or storage basins required to be
installed by the Board, the cost of liability insurance and the estimated
cost of installation of necessary water supply facilities. There shall
be further included in said bond a provision that in the event of
a default on the part of the principal, the bonding company shall
be liable for, which shall be in addition to the principal amount
of the bond, all engineering, legal and other expenses which shall
be incurred or likely to be incurred by the village in the enforcement
of the bond and the completion of the public improvements covered
by the bond.