General Requirements.
Improvements may be installed only in accordance with a final plat that has been approved under the provisions of this Chapter and construction plans that have been approved by the Village Engineer in accordance with the requirements of this Chapter.

Assurances for Completion of Improvements.

A. Before the final plat of any subdivision shall be recorded, the subdivider shall provide for the installation of all improvements described in this Article and as required as a condition of final plat approval.
B. In lieu of the installation or final completion of said improvements prior to recording of the final plat, the subdivider may post an irrevocable letter of credit, surety bond, escrow or other appropriate security agreement executed by a corporate surety or a state or federally chartered bank or savings and loan institution, approved by the Village Attorney and the Board of Trustees, which shall insure to the Village that the improvements will be completed by the subdivider. The security shall:

1. Be made payable to the Village.
2. Be in an amount determined by the Board of Trustees to be sufficient to complete the improvements and installation in compliance with this Chapter.
3. Specify the time for the completion of the required improvements by the subdivider.

C. All improvements, except sidewalks, shall be completed within one (1) year after recording of the final plat. The Board of Trustees may, upon proof of hardship, extend the completion date set forth in said security agreement for a maximum period of one (1) additional year. A request for such an extension must be made prior to the end of the year following recording of the final plat and the amount of the security shall be revised if warranted pursuant to revised estimates from the Village Engineer. If the improvements are not completed within the specified time, the Village may use the funds from the security, or any necessary portion thereof, to complete the improvements.
D. The time for construction of sidewalks may be extended until the construction of improvements on the lot is completed, upon the provision of security for the sidewalk construction for an additional year, but if the improvements are not completed within the additional year, the developer shall deposit the cost of the sidewalk in cash with the Village so that the sidewalks can be completed by the Board when the Board determines the construction is necessary to provide a sidewalk system for the subdivision.
E. The Village may require that certain improvements, such as storm drainage improvements, be made and refuse to accept security for such improvements when it determines that the improvements are necessary for the immediate protection of adjacent property.
F. The Board of Trustees shall release or reduce said security posted by the subdivider when it determines that all required improvements have been satisfactorily completed and the subdivider's engineer or surveyor has certified to the Village through the submission of detailed "as-built" plans, that the improvements have been constructed substantially in conformance with the plans and specifications, are free and clear of any and all liens and encumbrances and are ready for dedication to the Village.