(a) Before construction of improvements begin, a bond insuring the completion of the improvements shall be posted with the City by the developer equal to at least one hundred percent (100%) of an estimate approved by the City Engineer giving the cost of construction of the sewer, water, paving and sidewalk improvements. The subdivision completion bond form is given in subsection (b) hereof. In lieu of a subdivision completion bond, there shall be placed in escrow at a bank acceptable to the Auditor a sum of money equal to at least one hundred percent (100%) of an estimate approved by the City Engineer giving the cost of the sewer, water, paving and sidewalk improvements. The developer may draw upon this account to pay for the cost of construction of the improvements up to one hundred percent (100%) of the estimate. Upon the completion of construction of all improvements, the developer will be refunded the balance in the escrow account.
(b) The form of the subdivision completion bond shall be as follows:
BOND __________________ SUBDIVISION Know all men by these presence that we, the undersigned as principal and as surety, and insurance company licensed and duly authorized to transact business in the State of Ohio, are hereby held and firmly bound unto the City of Bellevue in the penal sum of ___________($)__________ of which will and truly be made we hereby jointly and severally bind ourselves, our executors, administrators, heirs, successors and assigns by these presents. Signed this ____________ day of ____________ , _______ . THE CONDITIONS OF THIS OBLIGATION ARE SUCH, that, WHEREAS, the above named principals did submit Subdivision for approval by the City of Bellevue and has agreed to construct therein all of the improvements required by the Ordinances of said City; more specifically, storm sewers, sanitary sewers, water mains, pavement, sidewalks, driveway aprons, trees as shown on Improvement Plans approved by the City, which said Improvement Plans are made a part of this bond. Now, if the principals shall well and truly execute all the requirements by them to be executed and shall fully perform the work herein specified and do perform all the terms, conditions and requirements of the plans, and shall indemnify and save harmless the City of Bellevue from all suits and action of every name and description brought against the City of Bellevue or any official of said City of Bellevue or on account of any injury or damage to persons or property arising from or growing out of the construction of the work in said improvement plans specified to be done, or the doing of any part of the work therein described, and shall indemnify and save harmless the City of Bellevue from any and all suits and expense for royalties or infringements on patents that may be involved in the construction of the improvements, and if said principal shall defend at his proper cost and expense any and all suits, action of every kind whatsoever that may be brought against the said City of Bellevue by reason of the construction of said improvements and further shall indemnify and save harmless the said City of Bellevue from all liens, charges, claims, demands, loss, costs and damages of every kind and nature whatsoever and shall pay all lawful claims of subcontractors, materialmen, and laborers for labor performed and for materials furnished in the carrying forward, performing or completing of said work, then this obligation shall be void, otherwise it shall be and remain in force by virtue in law; we hereby agreeing and consenting that this undertaking shall be for the benefit of any laborers or materialmen having a just claim as aforesaid and for the City of Bellevue and further said surety hereby stipulates and agrees that the City of Bellevue and the principal may from time to time and as often as they see fit make any additions to, omissions from or modifications of the work, plans or specifications, and the said surety herein stipulates and agrees that no change, alterations or additions to the plans or specifications therefor, shall in any way affect the obligations of said surety on its bond and does hereby waive notice of any such change, alteration or additions to the work or to the specifications; it being expressly understood and agreed that the liability of the surety for any and all claims hereunder shall in no event exceed the penal amount of this obligation as herein stated. The said surety herein further agrees with the City of Bellevue that upon written notice from the City of Bellevue that the principal has failed to perform any of the obligations contained herein, then said surety shall fully indemnify and save harmless the City of Bellevue from the costs and damage which said City may suffer by reason or failure to do so and fully reimburse and repay the City of Bellevue all outlay and expense including engineering and attorney fees which said City may incur in making good any such default and shall promptly make payment to all persons, supply labor or material for use in the completion of all the improvements provided for in the improvement plans incorporated herein. WITNESS our signature this _________ day of __________ , ________ . _______________ Principal _______________ Principal _______________ Surety Signed in the presence of: ________________________ |
(Ord. 1-15. Passed 2-23-15.)