(a) The developer shall guarantee the materials and workmanship of all improvements to be dedicated to public use, and certain private improvements when so required by Municipal regulations, for an eighteen (18) month period after acceptance of dedicated improvements, or approval of private improvements, by the Municipality.
(b) In order to secure the guarantee, the developer shall provide a letter of credit, cash in bank, a maintenance bond or other single surety acceptable to, and subject to the approval of, the Approving Authority in an amount equal to fifteen percent (15%) of the total estimated cost of the improvement (as determined in Section 1163.03(b)(3) above).
(c) If the maintenance guarantee balance should be depleted during its term to less than the original amount, then the developer shall replenish the guarantee to the amount originally required within thirty (30) days of notification to accomplish same or forfeit the entire remaining guarantee balance. (Ord. 3273. Passed 5-9-24.)