The developer shall guarantee the construction and materials of the street and utility improvements for a two-year period after acceptance by the Municipality. In order to secure the guarantee, the developer shall deposit an amount equal to fifty percent (50%) of the total cost of the construction of the street and utility improvements as determined by the Engineer. The deposit shall be in the form of a bond, with the developer as principal and with a surety company authorized to do business in the State of Ohio; a certified check; or an irrevocable letter of credit. The deposit shall be in a form acceptable to the Law Director.
(Ord. 8-13. Passed 5-14-13.)