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.
Performance bonds shall comply with the requirements of § 179-l
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.
The 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.