(a) From time to time the applicant shall provide a surety bond or other source of warranty, such as a guarantee or letter of credit, that applicant shall complete the project as contemplated for each developmental state as set forth in the plan approved by the Planning Commission and Council, including the development of all common open spaces or public or common structures. This bond or source of warranty shall be acceptable to the City Solicitor and in an amount determined by the City Engineer or Acting City Engineer. This amount shall not exceed thirty-three and one-third percent (33 1/3%) of the estimated cost of construction of each developmental phase which is then under construction or which should then be under construction according to the developmental schedule set forth in applicant's plan. However, the bond or other warranty with respect to the development of all common open spaces or public or common structures shall be at a rate of one hundred percent (100%) of the estimated cost of completion of construction of same as determined from time to time by the City Engineer or the Acting City Engineer.
(b) The office of the City Solicitor shall require that the applicant shall provide that covenants of responsibility of completion of the project and conformance to the plan shall run with the land and these covenants shall govern the use, maintenance and continued protection of the planned unit.
(1980 Code 153.164; Ord. 8364)