[Amended 12-21-1988]
[Amended 11-10-2015 by L.L. No. 5-2015]
Performance and maintenance security, as evidenced by an irrevocable letter of credit or cash or certified check deposited with the Village Treasurer, shall be posted by the subdivider to guarantee to the Village that he will faithfully construct or cause to be constructed and maintain or cause to be maintained for a specified time the required public improvements and utilities which were an integral part of his approved final plat and, further, that the construction shall be complete within a reasonable period of time.
A. 
Prior to final approval of the subdivision plat by the Planning Board and in lieu of completion of all or certain required improvements, the subdivider shall file with the Planning Board Secretary a performance security, either by irrevocable letter of credit or certified check or cash, to cover the full cost of the required improvements in an amount set by the Planning Board.
[Amended 11-10-2015 by L.L. No. 5-2015]
B. 
Terms of performance security.
(1) 
A period not to exceed three years, within which time required improvements must be completed, shall be set forth in the minutes of the Planning Board.
(2) 
The terms of the performance security may be extended by the Planning Board upon the subdivider's appearing before the Planning Board to explain its inability to comply.
(3) 
The Village Board shall release the performance security either fully or partially at its discretion upon certification of the Village Engineer and the Village Attorney that all certain requirements have been satisfied.
(4) 
The subdivider shall complete all required improvements and post the required performance security, either or both, to the satisfaction of the Planning Board before any building permits shall be issued.
A. 
The subdivider shall file with the Planning Board Secretary an irrevocable letter of credit, cash or certified check in an amount to be determined by the Village Engineer to be adequate to insure the satisfactory condition of the initial improvements for a period of one year following the completion and acceptance by the Village Board. An irrevocable letter of credit shall be in a form satisfactory to the Village Attorney.
[Amended 11-10-2015 by L.L. No. 5-2015]
B. 
Under the terms of the maintenance security, the developer will, at his own expense, repair and make good any defects or damage which may develop during this one-year maintenance period as a result of faulty construction within the right-of-way or as a result of other construction by the developer off the right-of-way.
C. 
During the maintenance period, the Village shall be responsible for snow and ice control, street cleaning, cleaning of culverts and catch basins and other work of a similar nature, provided that such work has in no way been caused by the developer's operations.
D. 
Subsequent to the acceptance of the dedication of the street and after receipt of the maintenance security, the Village Board shall release the performance security.