[Amended 1-2-1986 by L.L. No. 2-1986]
After adoption of a resolution approving a final subdivision plat and before the plat is endorsed by the Planning Board Chairman or other duly authorized member, the applicant shall be required to complete, at his expense and without reimbursement by the Village or any special district, all streets and other improvements as shown on the approved construction plans or otherwise specified in the resolution, except the final street wearing course and sidewalks, or, as an alternative, file with the Board of Trustees a letter of credit in an amount fixed by the Planning Board, in its resolution, to secure to the Village the satisfactory construction, installation and completion of such improvements. All such improvements must be completed within three years of the date of the Planning Board resolution. All improvements shall be completed to the satisfaction of the Planning Board, in accordance with the approved construction plans, the requirements of these regulations and the Village Construction Standards and Specifications.[1] The irrevocable letter of credit to be delivered by the applicant to the Board of Trustees of the Village of New Hempstead shall be from a bank having an office in Rockland County and having capital in the minimum amount of $50,000,000. Said letter of credit shall authorize payment to the Village of New Hempstead upon sight drafts accompanied by the written certification of the Planning Board Chairman that the required improvements have not been completed to the satisfaction of the Planning Board within three years of the date of the Planning Board resolution or that such improvements do not comply with the approved construction plans, the requirements of these regulations and the Village Construction Standards and Specifications or that the installation of such improvements has caused damage to public or private property not under the ownership of the applicant. Such sight drafts shall be in the aggregate amount of all expenses estimated to be incurred by the Village for the completion of the required improvements or for damage caused by the installation of such improvements as set forth hereinabove. In the event that the applicant has elected to deposit cash with the Village of New Hempstead in lieu of such letter of credit, the Village shall be authorized to pay for the expenses of the completion of the required improvements or for the aforesaid damages out of such cash, and any excess cash remaining after the completion of such improvements and the payments of any such damages shall be returned to the applicant.