In order that the village has the assurance that the construction and installation of such improvements as sewers, septic systems, water supply, road signs, sidewalks and road surfacing will be constructed, the subdivider shall enter into one of the following agreements with the village:
A. 
Construct all improvements directly affecting the subdivision as required by these regulations and by the Planning Board prior to final approval of the plat;
B. 
In lieu of the completion of the improvements, furnish bond executed by a surety company equal to the cost of construction of such improvements as shown on the plans and based on an estimate furnished by the applicant and approved by the Planning Board;
C. 
In lieu of the completion of improvements, deposit a certified check in sufficient amount equal to the cost of construction of such improvements as shown on the plans and based on the above estimate.
A. 
Before the final plat is approved, the subdivider shall have executed a subdivider contract with the village, and a performance bond or certified check shall have been deposited covering the estimated cost of the required improvements that have been designated by the Planning Board.
B. 
The performance bond or certified check shall be to the village and shall provide that the subdivider, his heirs, successors and assigns, their agent or servants, will comply with all the applicable terms, conditions, provisions and requirements of these regulations; will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with such laws and regulations.
C. 
Any such bond shall require the approval of the Board of Trustees and the Village Attorney as to form, sufficiency, manner of execution and surety.
D. 
Wherever a certified check is made, the same shall be made payable to the Village of Morrisville.
The construction or installation of any improvements or facilities, other than roads, for which guarantee has been made by the subdivider in the form of a bond or certified check deposit, shall be completed within one year from the date of approval of the final plat. Road improvements shall be completed within two years from the date of approval of the final plat. The subdivider may request an extension of time, provided that the subdivider can show reasonable cause for inability to perform said improvements within the required time. The extension should not exceed six months, at the end of which time the village may use as much of the bond or check deposit to construct the improvements as necessary. More than one six-month extension may be granted at the discretion of the Planning Board. The same shall apply whenever construction of improvements is not performed in accordance with applicable standards and specifications.
When a certified check or performance bond is made pursuant to the preceding sections, the village and subdivider shall enter into a written agreement itemizing the schedule of improvements in sequence with the cost opposite each phase of construction or installation, provided that each cost as listed may be repaid to the subdivider upon completion and approval after inspection of such improvement or installation. However, 10% of the check deposit or performance bond shall not be repaid to the subdivider until one year following the completion, inspection and acceptance by the Village of all construction and installation covered by the check deposit or performance bond as outlined in the subdivider's contract.
A. 
Periodic inspections during the installation of improvements shall be made by the Code Enforcement Officer to ensure conformity with the approved plans and specifications as contained in the subdivider's contract and these regulations. The subdivider shall notify the Code Enforcement Officer when each phase of improvements is ready for inspection. At least five days prior to commencing construction of required improvements, the subdivider shall pay to the Village Clerk any inspection fee required by the Board of Trustees. Upon acceptable completion of installation and improvement, the Planning Board shall issue a letter to the subdivider or his representative, and such letter shall be sufficient evidence for the release by the Village of Morrisville the portion of the performance bond or certified deposit as designated in the subdivider's contract to cover cost of such completed work.
B. 
If in the judgment of the Planning Board it is necessary, to ensure compliance by the subdivider with approved design specifications, to hire an independent consultant to perform inspections during the course of construction in lieu of or in addition to inspections by the Code Enforcement Officer, the subdivider shall be responsible for the fees of the consultant and shall deposit with the village in advance certified funds in an amount sufficient to satisfy the fees of the consultant.
When the Code Enforcement Officer, following final inspection of the subdivision, certifies to the Planning Board and the Board of Trustees that all installations and improvements have been completed in accordance with the subdivider's contract, the Board of Trustees may, by resolution, proceed to accept the facilities for which bond has been posted or check deposited.