Performance bonds. The applicant may be required to post performance bonds pursuant to local law in sufficient amounts and duration to assure that all streets or other public places shown on the site plan shall be suitable graded and paved and that street signs, sidewalks, street lighting standards, curbs, gutters, street trees, water mains, fire alarm signal devices, including necessary ducts and cable or other connecting facilities, sanitary sewers and storm drains or combined sewers, shall all be installed in accordance with standards, specifications and procedure acceptable to the appropriate Village departments.