(a) Construction Performance Bond. In lieu of the completion of the improvements as required, prior to the approval of the dedication plat by Council or, where applicable, the County Commissioners, the developer shall deposit a construction performance bond executed by a surety or sureties, satisfactory to the appropriate fiscal officers of the City or County, or a certified check guaranteeing the completion of the unfinished improvements within one year or a reasonable period of time, as fixed by the Planning Commission. This bond or check shall be deposited with such fiscal officers and shall be in an amount equal to the total cost of completing the improvements, as estimated by the City Engineer or, where applicable, the County Engineer. If not completed as agreed upon, the bond shall be forfeited. The money collected from the bond shall be used for no other purpose. Any funds remaining after completion of the work shall be returned to the original depositor or surety company.
(b) Maintenance Bond or Cash Deposit. A maintenance bond executed by a surety or sureties, satisfactory to the appropriate fiscal officers of the City or County, in the amount of ten percent (10%) of the estimated cost of improvements and for a period of one year after satisfactory completion of such improvements shall be submitted to and accepted by the appropriate fiscal officers prior to acceptance of improvements or the release of the performance bond. Cash in the amount of five percent (5%) of such estimated cost of improvements may be deposited in lieu of the maintenance bond. This bond shall be released at the termination of such maintenance period, subject to the final inspection and approval of the improvements by the City Engineer or, where applicable, the County Engineer.
(Ord. 39-81. Passed 10-7-81.)