A. Prior to the city council accepting the subdivision improvements, releasing the improvement installation security and/or approving the final plat, the developer must provide a maintenance/warranty bond or other sufficient security acceptable to the city attorney for the purpose of warrantying that the required public subdivision improvements will properly perform free from defects for at least one year and that sufficient funds will be available to maintain or correct defects for the one year period.
B. The maintenance/warranty bond or other security must be in an amount approved by the city engineer and represent either ten percent (10%) of the amount of the original improvement security, or ten percent (10%) of the estimated cost of the public subdivision improvements. The maintenance/warranty bond or other security must have a term of at least one year from the date of acceptance by the city council of all required public subdivision requirements.
C. The maintenance/warranty bond or other security may be released by the city clerk upon termination of the one year warranty period; provided, that all defects have been satisfactorily repaired. The city engineer will provide written notice to the city clerk authorizing release of the maintenance/warranty bond or other security. (Ord. 3485, 2014)