(a) Before any subdivision plat or construction plan is given final approval the subdivider or developer shall have executed a subdivider's agreement with Council acting through the Safety-Service Director or City Engineer. A performance bond for the amount of the estimated construction cost shall be deposited with the City Engineer or Safety-Service Director before authorization of any construction. In lieu of the performance bond a certified check in the amount of one-half of the estimated construction cost shall be accepted. Upon final approval of the construction plans, three sets of prints shall be required for the use of the City Engineer and Safety-Service Director.
(b) Prior to start of construction, the owner shall deposit with the City, two percent (2%) of the estimated cost of the improvement to cover the cost of inspection by the City Engineer or his authorized representative. If the actual cost of inspection is less, the remaining deposit shall be returned; if the cost is greater, the owner shall make an additional deposit as required to finish the job.
(c) The owner shall deposit the sum of five percent (5%) of the cost of the improvement with the City at the completion of the work as guaranty for repairs and maintenance due to faulty workmanship or material for the period of one year after acceptance. A maintenance bond in like amount shall be acceptable.
(Ord. 64(64-65). Passed 4-14-65.)