Council may, to assure that the conditions of annexation are kept by the owner or owners, require such owner or owners to deposit with the Finance Director bond or other security so that the conditions set forth shall be met. Such bond or other security shall be an amount as set by Council prior to the commencement of construction of any facility required by a condition of annexation. Failure of a owner or owners to construct facilities in accordance with the conditions of annexation shall result in a forfeiture of such bond or other security to the City.
(Ord. 822. Passed 3-4-82.)