No final plat shall be approved until all the improvements necessary and agreed to by the owner or developer, or required by the Planning Commission, have been completed to the satisfaction of Council or ensured by the owner. A credit at a local bank by the owner in an amount equal to 110 percent of the Municipal Engineer's estimated cost of total improvements shall be confirmed by notice, in writing, to the Municipality from a bank. A statement in a form approved by Council and signed by the developer shall state that 110 percent of the contract price is credited at a bank for withdrawal, only with the approval of Council, as shown in the Bond Agreement outlined in Appendix I, form h., following this chapter. Both instruments shall state that upon failure of the developer to satisfactorily complete or make necessary repairs or alterations to the improvements, the Municipality may do so and shall use the remaining credit for this purpose.
The date upon which final payment to the pavement contractor is approved by the Municipality shall be deemed the date of tentative acceptance for all improvements, including sewers and utility pipelines, from which date the subdivider is liable for all necessary maintenance and repairs for one year. If, at the termination of the one-year guarantee period, all roadways, pavements, utilities, sewers, etc., are found to be in good and satisfactory condition, the same shall be given final acceptance by the Municipality and the remaining ten percent of the bond shall be released.
(Ord. 9-76. Passed 9-9-76.)