A corporate surety performance bond, referred to in these regulations as a performance bond, shall be required by the Planning and Zoning Commission as acceptable guarantee for the installation and construction of required improvements where same have not been completed prior to final plat approval. The bond shall be sufficient as determined by the appropriate City officials.
The developer shall post such a performance bond with the City Clerk in the amount specified by the appropriate City officials providing acceptable guarantee to the Mayor and Council that all required improvements shall be constructed in accordance with specifications.
Specifically the developer shall be required in posting the performance bond to agree to the following items:
(a) To construct and instal or cause to be constructed and installed at his own expense, all streets, curbs, sidewalks, fire hydrants, drainage facilities, street signs, monuments, water and sewerage facilities, street lights and other required improvements in strict accordance with the final plat, as approved, and in strict accordance with design standards and specifications.
(b) To maintain at his own cost such streets, curbs, sidewalks, fire hydrants, drainage facilities, street signs, monuments, water and sewerage facilities, and other required improvements, until the same are accepted by the Mayor and Council in accordance with applicable regulations and ordinances.
(c) To obtain at the developer's expense the easements and releases required when any street, storm drainage facility, or other required improvement abuts or traverses land of persons other than the person holding legal title to the lands of the subdivision.
(d) To post a guarantee bond to remain in effect for a period of one (1) year following acceptance of required improvements by the Mayor and Council for the purpose of assuring satisfactory construction following release of the performance bond.
(Ord. 82-40. Passed 11-4-82.)