Before the recording of final subdivision plats, or as a condition of final plat approval, the City Council may require and may accept the following financial guarantees in an amount equal to 125% of the cost of installing the improvements.
(A) Security bond. The applicant may obtain a security bond from a surety bonding company authorized to do business in the state.
(B) Letter of credit. The applicant may provide an irrevocable letter of credit from a bank or other reputable institution.
(C) Escrow account. The applicant may deposit cash, or other instruments readily convertible into cash at face value, with the city or in escrow with a bank.
(D) Property. The applicant may provide as a guarantee land or other property.
(E) Improvement guarantee. The applicant may provide as a guarantee an improvement agreement between the applicant, lender, and the city.
(F) Prepayment. The applicant may make a prepayment to the city in the full amount of said improvements. Any unexpended funds shall be returned to the applicant.
(Ord., passed 10-13-92; Am. Ord. 07-019, passed 8-14-07)