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ORDINANCE N0.86 <br />Page-3- <br />(d) Reduction of Bond and Return of Security. When <br />the Village Engineer shall have certified in writing that <br />all subdivision improvements have been satisfactorily <br />completed in accordance with approved plans and specifi- <br />cations, the Performance Bond submitted by the developer <br />shall be cancelled and all funds deposited as security <br />therefor shall be returned. Upon written certification <br />by the Village Engineer that any portion of the improvements <br />has, upon inspection, been found satisfactorily completed, <br />a reduction in the amount of the bond or partial withdrawal <br />of funds deposited as security therefor, equal to the <br />cost of such completed improvements, as estimated by the <br />Village Engineer, may be authorized by the Engineer if, <br />in the opinion of the Engineer the remaining bond or <br />security will be fully sufficient, under all the circum- <br />stances, to guarantee performance of the conditions <br />of the bond. In the event that the developer shall have <br />been required to post a maintenance bond for the same <br />subdivision, pursuant to the requirements of Section 1119.16 <br />of the Codified Ordinances of Mayfield Village, the <br />Village may retain so much of the funds posted as security <br />for the developer's Performance Bond as may, in the <br />judgment of the Village Enqineer, be necessary to provide <br />adequate security for the performance of the conditions <br />of the developer's maintenance bond. <br />(e) Progressive Installation. The developer may <br />apply for final approval and recording of only a portion <br />of the•entire subdivision. Under such a proqressive <br />unit development procedure, the installation of required <br />improvements and sale or lease of lots may proceed only <br />on that portion of the subdivision which has been approved <br />and recorded. <br />Section 2. Existing Ordinances Nos. 1119.15 and 1119.18, <br />along with all other Ordinances and parts of Ordinances inconsistent <br />with this Ordinance, be and the same are hereby repealed. <br />Section 3. This Ordinance is hereby declared to be an <br />emergency measure immediately necessary for the preservation of the <br />health, safety and welfare of the residents of Mayfield Village in that <br />it provides a procedure for assuring the completion of all required <br />improvements in subdivision developments. It shall therefore take <br />effect immediately upon passaqe by the affirmative vote of not less