(a) The public utilities and other required improvements required herein shall be installed, or their installation guaranteed, in conformance with the provisions of these regulations before the issuance of a permit to construct a building upon a lot and before the sale or lease of a lot.
(b) The developer may execute and file with the Clerk of Council financial guarantees in lieu of actual installation or completion of the required improvements. Such guarantees may be in form of a performance or surety bond, a certified check, or any other type of surety approved by Council.
(1) The financial guarantees shall be in an amount equal to the estimated total cost of materials and labor required to install or construct the improvements. Such costs shall be verified by the City Engineer. When any portion of an improvement has, upon inspection, been found satisfactorily completed, a reduction in the bonds, or partial withdrawal of funds equal to the estimated costs of such completed improvements, may be authorized by Council.
(2) The terms of such guarantees shall be determined by the Planning Commission; however, they shall not be for a period of more than two years unless Council, by resolution, extends the time.
(3) The City Water, Sewer, and Street Superintendents and the City Engineer shall make the inspection required for the release of the performance guarantee upon the demand of the Subdivider or the Developer; and if such improvements specified in these regulations have been completed, shall promptly certify and report to Council as to the acceptance of the improvements and the release of the performance bond.
(4) After construction of such improvements, the subdivider's engineer, or his successor in interest, shall file with Council an affidavit setting forth that all the required improvements have been constructed in accordance with the plans and specifications approved under the provisions of these regulations, including such modifications or variances granted by Council.
(Ord. 25-1980. Passed 9-2-80.)