(A) If any portion of the required improvements shall fail to be accepted for dedication in compliance with this regulation within the allocated time period, either for reason of incompletion or for reason of substandard construction, then the City Council shall take one of the following actions:
(1) Where improvements have been guaranteed under this regulation, preliminary plat approval shall be revoked; or
(2) Where improvements have been guaranteed under this section of this regulation, the City Council shall declare whatever security has been pledged as a guarantee to be forfeited.
(B) Where the City Council is not already in possession of the guarantee, it shall immediately take the actions necessary to obtain it. Upon receipt of these securities, the City Council shall use them, or receipts from their sale if that be necessary, to finance the completion of contracted improvements or the rebuilding of the improvements to the proper specifications. Unused portions of these securities shall be returned to the subdivider, bonding company or crediting institution, as is appropriate.
(Prior Code, § 11.8)