A. Final Plat Public Improvement Payment, Performance And Workmanship Bonds: One year after the date on which a resolution accepting a final plat for maintenance is adopted, unless a material or workmanship claim is submitted to the surety company or escrow agent, the security for final plat public improvement, payment, performance and workmanship bonds shall expire and may be released upon certification of satisfactory condition by the city engineer.
B. Adjacent Substandard Roadway Improvement Guarantees And Security: The adjacent substandard roadway improvement guarantee and security shall expire pursuant to subsection 11-3-5B of this title unless the city engineer has earlier certified completion of improvements to adjacent substandard roadways, and the security, plus interest at seven percent (7%) per annum may be released without further action by the city council. (Ord. 542, 11-26-2007)