A. Required: Prior to the issuance of a building permit, a bond, cash deposit or other financial assurance acceptable to the city shall be submitted as a guarantee that the quality of said improvements will be maintained. The type and amount of the guarantee shall be as set forth in city standards. This shall be in addition to all other fees and charges. (Ord. 6-25-80B, 6-25-1980)
B. Release Of Guarantee:
1. At the time of final inspection of the structure and after landscaping is in place per ordinance, and at the request of the permit holder for a bond release inspection, the building inspector shall inspect the quality of public improvements appurtenant to said lot. If the quality of said improvements is found adequate, the building inspector may authorize a release of the guarantee.
2. However, if said improvements show evidence of damages, the building inspector shall inform the permittee of those facilities or sections that must be replaced. The city shall withhold the financial guarantee until said improvements have been replaced or repaired. All repairs shall comply with city standards. (Ord. 7-17-2007A, 7-17-2007)
C. Default: The city shall give notification to the bond poster at the time the certificate of occupancy is granted of any bond that is outstanding. If, within nine (9) months after a certificate of occupancy is granted, replacement or repair has not taken place, or the bond release inspection is not requested by permittee, the bond shall be declared forfeited. Thirty (30) days after the adoption of this subsection, any bond that is outstanding that qualifies for default will be declared forfeited. (Ord. 11-18-2008A, 11-18-2008)