1. Such improvement and maintenance bonds, or other acceptable guarantees, provided to ensure the installation and maintenance of the required improvements shall:
a. Be in favor of the city;
b. Be in an amount equal to 100% of the cost of improvements, installations and reasonable (one-year) maintenance thereof, as approved by the City Council; and
c. Provide conditions satisfactory to the Planning Commission and the City Council.
2. Improvement bonds shall be in force until and terminate 90 days after the filing with the City Council of a completion affidavit obtained from the office of the Municipal Building Inspector, unless within said 90 days, said Building Inspector determines that the requirements, standards and specifications of these regulations applicable to the construction, installation and completion of said improvements have not been met. In such case, the Municipal Building Inspector shall notify the applicant in writing, by certified or registered mail, and the bond shall continue to run until the filing of proof that the deficiencies have been corrected and all standards met.
3. Maintenance bonds shall be in an amount equal to 25% of the cost of the improvements or the engineer’s estimates of the cost of improvements, which ever is greater. Maintenance bonds shall run for a period of one year from the acceptance of the improvements or one year from the date of release of the improvement bond.
(Ord. 12-10, passed 7-2-2012)