A performance guarantee shall be required from the subdivider in the amount of the estimate approved by the County Surveyor, or appointed official, for the cost of the proposed improvements. The performance guarantee shall run to the city and be with good and sufficient surety satisfactory to the Common Council and as approved by the City Attorney, conditioned upon the installation of the required improvements within two years after the approval of the secondary plat. Filing of the actual bond or other security shall not be required until after the secondary plat approval, provided that sufficient information concerning the form of guarantee to be used shall be submitted with the secondary plat documents to provide ample surety to permit the approval of the Commission and the Common Council. A certificate indicating that the Common Council has received the performance guarantee shall be forwarded to the Plan Commission for its record. In no case shall a certificate of occupancy be issued if the required streets and utilities are not in place to serve the affected lot.
(Ord. 466, § 4-6-4, passed 5-11-98) Penalty, see § 151.999