The Village Board shall not approve any final plat of subdivision (and, hence, said final plat shall not be entitled to recording) until:
A. 
All improvements required in the improvement plan have been completed by the subdivider/developer at his expense, inspected by the Administrator and Engineer, and dedicated to the Village or other appropriate entity; or
B. 
In accordance with the sections below, the subdivider/developer has provided the Village with legal assurance to guarantee the satisfactory completion and dedication of all required improvements.
At the option of the Village Board, the required legal assurance may be either a performance bond or a bank letter of credit. Every performance bond shall be reviewed by the Village Attorney and posted with the Village Clerk.
The amount of the performance bond or escrow deposit shall be equal to the Village Engineer's opinion of probable costs of constructing the uncompleted portion of the required improvements plus all required inspection fees. The developer's engineer shall prepare cost estimates for review and approval by the Village Engineer. Any escrow deposit may be in the form of an irrevocable letter of credit or commitment from a lending institution guaranteeing to the Village the availability of the escrow funds from time to time upon demand.
(See Schedules D and E, included as attachments to this chapter.)
No person shall be eligible to act as surety unless he has been approved by the Village Board. The Treasurer shall conduct or cause to be conducted spot audits of all sureties. Any surety which fails to perform shall be ineligible for two years thereafter to act as surety for any subdivision improvement within the Village's jurisdiction.
The initial term of any performance bond or bank letter of credit shall not exceed two years. If all required improvements have not been completed by the end of the two-year period, the Administrator, with the advice and consent of the Village Board, may either extend said bond/bank letter of credit for one year only or may proceed as per § 300-25.
A. 
The Village Treasurer may release up to 90% of the amount of the performance bond/escrow deposit upon receipt of written authorization from the Village Board. The amount which the Village Board authorizes to be released shall be equal to the value of improvements actually completed in accordance with approved plans.
B. 
The balance of the amount of the performance bond/escrow deposit shall not be released by the Village Treasurer until:
(1) 
The Village Engineer has certified to the Village, in writing, that all required improvements have been satisfactorily completed; and
(2) 
Said improvements have been accepted by and dedicated to this Village or other appropriate entity.
A. 
If all required improvements have not been completed by the end of the two-year period (or three-year period, in the case of an extension), the Administrator, with the assistance of the Village Attorney, may:
(1) 
Require the surety to perform on the bond, and to pay to the Village an equal amount to the cost of completing the required improvements or the amount of the bond not theretofore released, whichever is less; or
(2) 
Order the Village Treasurer to retain all escrow funds needed to complete the required improvements, and to return the balance (if any) of such funds to the subdivider/developer; or
(3) 
Require the subdivider/developer to submit a new performance bond or bank letter of credit in an amount sufficient to cover any increase in the cost of constructing the required improvements.
B. 
An extension may be granted only for a one-year period by the Village Board.