(A) If all the required improvements have not been completed by the end of the two-year period or three-year period, in the case of an extension, the City Engineer shall:
(1) Require the surety to perform on the bond and to pay to the city an amount equal to the cost of completing the required improvements (as estimated by the City Engineer) or the amount of the bond not heretofore released, whichever is less;
(2) Order the City Treasurer to retain all escrowed funds needed to complete all the required improvements, and to return the balance if any of such funds to the subdivider/developer; or
(3) Require the subdivider/developer to submit a new performance bond/escrow deposit in an amount sufficient to cover any increase in the cost of constructing the required improvements.
(B) If the surety fails to perform on the bond or the escrow agent fails to remit within 30 days after written request, the City Engineer shall direct the City Attorney to take immediate action to require performance.
(1960 Code, § 41-5-7) (Ord. 7128, passed 4-28-2008)