(a) Improvements and performance bond. Before the Chairman of the Planning Board signs the subdivision plat, the subdivider shall follow the procedure set forth in either of the following subsections:

[1] The subdivider shall file with the Village Clerk, in an amount set by the Planning Board, either a cash deposit or irrevocable letter of credit, which complies with the requirements of § 7-728 of the Village Law of the State of New York, and satisfactory to the Board of Trustees and the Village Attorney as to form, sufficiency, manner of execution and surety. A period of one year (or other period, not exceeding three years, which the Planning Board deems appropriate) shall be set forth in connection with the cash deposit or the terms of the letter of credit, as the time in which required improvements must be completed.

[2] The subdivider shall complete all required improvements to the satisfaction of the Village Engineer, who shall file with the Planning Board a letter signifying the satisfactory completion of all improvements required by the Board. For any required improvements not completed or not approved by the Village Engineer, the subdivider shall file with the Village Clerk a cash deposit or irrevocable letter of credit covering the cost of such improvements. Any such cash deposit or irrevocable letter of credit shall be satisfactory to the Board of Trustees and the Village Attorney as to form, sufficiency, manner of execution and surety.
 

(b) Completion of improvements. The required improvements shall not be considered to be completed until the installation of the improvements has been approved by the Village Engineer and a map satisfactory to the Planning Board has been submitted indicating the location of monuments marking all underground utilities as actually installed. If the subdivider completes all required improvements according to Subsection [2], above, then said map shall be submitted prior to endorsement of the plat by the Chairman of the Planning Board. However, if the subdivider elects to provide a cash deposit or irrevocable letter of credit for all required improvements as specified in Subsection [1], above, such cash or letter of credit shall not be released until such a map is submitted.

(c) Modification of design of improvements. If, at any time before or during the construction of the required improvements, it is demonstrated to the satisfaction of the Village Engineer that unforeseen conditions make it necessary or preferable to modify the location or design of such required improvements, the Village Engineer may, upon approval by a previously delegated member of the Planning Board, authorize modifications, provided that these modifications are within the spirit and intent of the Planning Board's approval and do not extend to the waiver or substantial alteration of the function of any improvements required by the Board. The Village Engineer shall issue any authorization under this section in writing and shall transmit a copy of such authorization to the Planning Board at its next regular meeting.

(d) Inspection of improvements. At least five days prior to commencing construction of required improvements, the subdivider shall pay to the Village Clerk the inspection fee required by the Board of Trustees and shall notify said Board in writing as to the time when he proposes to commence construction of such improvements so that the Board may cause inspection to be made to assure that all Planning Board specifications and requirements shall be met during the construction of required improvements, to assure adequate protection of existing vegetation and historic resources, if any, and to assure the satisfactory completion of improvements and installation of utilities required by the Planning Board.

(e) Proper installation of improvements. If the Village Engineer shall find, upon inspection of the improvements performed before the expiration date of the performance bond, that any of the required improvements have not been constructed in accordance with plans and specifications filed by the subdivider, he shall so report to the Board of Trustees, Building Inspector and Planning Board. The Board of Trustees then shall notify the subdivider and, if necessary, the bonding company and take all necessary steps to preserve the Village's rights under the bond. No plat shall be approved by the Planning Board so long as the subdivider is in default on a previously approved plat.