A performance bond may be required by the village to insure (ensure) the complete construction of structures and development of the land area as proposed and approved. Such bond may be up to an amount equal to 1.25 of the estimated cost of the site improvement, and may be reduced in proportion to the amount of work accomplished or the amount of land left undisturbed. A performance bond shall be returnable in full upon issuance of a certificate of occupancy and/or compliance.

(Ord. No. 346, § 2411, 6-19-2000)