A. 
Purpose. A performance bond is posted by the subdivider to guarantee to the Village that he or she will faithfully construct, or cause to be constructed, the required public improvements and utilities which were an integral part of his or her approved final plat; and further, that the construction shall be complete within a reasonable period of time.
B. 
Procedure.
[Amended 10-6-2009 by L.L. No. 4-2009]
(1) 
A performance bond estimate will be prepared by the Village Engineer. (See § 233-10E.)
(2) 
The Planning Board may pass a resolution requiring a performance bond.
(3) 
The subdivider shall present his or her performance bond executed on the standard performance bond, with signed copies of the performance bond estimate attached, to the Corporation Counsel at least one week prior to any Village Board of Trustees meeting for approval as to form and sufficiency by the Board of Trustees at such meeting.
(4) 
The Board of Trustees shall approve or disapprove the performance bond as presented by the Corporation Counsel. If the performance bond is approved, one copy will be forwarded to the Village Clerk and Building Department for their records and one copy will be forwarded with a copy of the Board of Trustees' resolution to the Planning Board.
(5) 
After completing the construction of the public improvements covered by the performance bond, and prior to the termination of the bond period, the subdivider shall prepare a set of the approved public improvements and utilities plans and profiles amended to indicate as-constructed information and shall apply to the Village Engineer for a final inspection of the work. The Village Engineer shall report to the Planning Board on the condition of the work and recommend that the performance bond be released, extended or declared in default. The Village Engineer shall also report on the desirability of the Village accepting offers of cession for streets and other lands to be dedicated for public use.
(6) 
The Planning Board shall, by resolution, advise the Village Board of Trustees of its recommendation for release of or declaring in default each performance bond. The Planning Board can act to extend the term of the bond in appropriate cases where such action would not be contrary to the intent of these regulations.
(7) 
The Village Board of Trustees shall act on the release of or declaration of default on the performance bond.
C. 
Terms of performance bonds. Performance bonds shall run until the completion of the agreed-upon improvements.
[Amended 10-6-2009 by L.L. No. 4-2009]
A. 
Procedure. The subdivider shall file with the Corporation Counsel a general liability insurance policy at the same time as he or she files his or her performance bond. The Board of Trustees shall approve the policy for form. The policy shall be of the same term as the performance bond and shall be extended in conformance with any extension of the performance bond.
B. 
Coverage. The policy shall insure the Village of Ossining and the subdivider and shall cover all operations in the development involving existence and maintenance of property and buildings and contracting operations of every nature, including all public improvements. Said policy shall have limits of liability of $100,000 for bodily injury to each person and $300,000 liability on the aggregate for each accident and property damage liability of $5,000 for each accident and $25,000 aggregate property damage liability.