After all defects, if any were noted during final inspection, have been corrected and prior to any sewer permits being issued, a maintenance bond in an amount equal to 50% of the construction cost shall be filed with the City Clerk. The bond shall be for a period of three years, commencing on the date of final inspection or reinspection if necessary, and shall cover all defects in materials and workmanship. The bond shall be binding on the developer or the contractor.
(1960 Code, § 38-4-7) (Ord. 4577, passed 11-7-1988) Penalty, see § 50.999