If the applicant elects to file a performance bond, such bond shall comply with the requirements of the Village Law and shall be posted prior to the signing of the subdivision plat. The amount of the bond and the period within which the requirement improvements must be completed, shall be conditioned on the satisfactory completion of all required improvements within such period, although the Planning Board may require that the bond also be conditioned on the completion of certain phases of construction within such shorter period as may be specified in the Board's resolution. The bond shall also provide that an amount determined adequate by the Planning Board shall be retained for a period of two years after the date of completion of the required improvements to assure their satisfactory condition; and that the street be maintained in all-weather passable condition, if certificates of occupancy are issued during the term of the bond. The Planning Board may recommend to the Village Board that a certain proportion of the amount of the bond posted with the Village shall be in cash or equivalent to be used for the immediate reimbursement of the Village of any expenses incurred pursuant to Article
VII of this chapter.
All required improvements shall be made by the applicant, at
his expense, without reimbursement by the Village or any district
therein.