Prior to an action by the Planning Board approving a subdivision plat, the applicant shall be required to complete, in accordance with the Planning Board's decision and to the satisfaction of the appropriate Village departments, all the street, sanitary and other improvements specified in the action approving said plat or, as an alternative to file with the Village Board a bond in an amount estimated by the Planning Board to secure to the Village the satisfactory construction and installation of the incompleted portion of the required improvements. All required improvements shall be made by the applicant at his expense without reimbursement by the Village.
[Amended 3-16-1992 by L.L. No. 4-1992]
Performance bonds shall comply with the requirements of § 7-730 of the Village Law and shall be satisfactory to the Village Board as to form, sufficiency and manner of execution. A period of one year, or such other period as the Planning Board may determine appropriate, within which required improvements must be completed shall be specified by the Planning Board and expressed in the bond. The bond shall also provide that an amount determined adequate by the Planning Board shall be retained for a period of one year after the date of completion of the required improvements to assure their satisfactory condition.
A. 
Inspection. The Village may employ an inspector to act as agent of the Planning Board for the purposes of assuring the satisfactory completion of improvements required by the Planning Board and shall determine an amount sufficient to defray costs of inspection. The applicant shall pay the Village costs of inspection before the subdivision plat is endorsed for filing. If the Planning Board or its agent finds, upon inspection, that any of the required improvements have not been constructed in accordance with the approved drawings, the applicant and the bonding company will be severally and jointly liable for the costs of completing said improvements according to specifications.
B. 
Utilities. The Planning Board may accept assurance from each public utility company whose facilities are proposed to be installed. Such assurance shall be in writing, addressed to the Board, stating that such public utility company will make the installations necessary for the furnishing of its services within a specified time, in accordance with the approved subdivision plat.
C. 
Monuments. Permanent monuments shall be set at block corners and at the beginning and end of all curves and at such other points as are necessary to establish definitely all lines of the plat, except those outlining individual lots. In general, permanent monuments shall be placed at all critical points necessary to correctly lay out any lot in the subdivision. Permanent monuments shall be constructed of concrete with a three-fourths-inch iron rod insert, having ground level dimensions at five inches square and 36 inches long, tapering to six inches square at the subsurface level. Four such monuments at the periphery of the plot shall have a brass cap accurately set and identified as a bench park with the elevation labeled thereon. At the corners of each lot, an iron pin one inch in diameter and 36 inches long shall be placed into the ground to grade.