A. Accrual: The bond shall accrue to the city covering construction, operation and maintenance of the specific public improvement.
B. Amount: The bond shall be in an amount equal to one hundred ten percent (110%) of the total estimated cost for completing construction of the specific public improvement, as estimated by the city engineer and approved by the city council.
C. Term Length: The term length in which the bond is in force shall be for a period to be specified by the city council for the specific public improvement.
D. Bonding For Surety Company: The bond shall be with a surety company authorized to do business in the state of Idaho, acceptable to the city council.
E. Escrow Agreement: The escrow agreement shall be drawn and furnished by the city council. (Ord. 8-96, 11-11-1996)