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(A) An assurance of proper completion of the improvements in the subdivision shall be made by one of the following methods, or such other method as shall be satisfactory to the Commission and the City Counci1.
(1) A certificate from the developer and signed by the city, that all improvements and installation in the subdivision required by these regulations have been made or installed in accordance with specifications;
(2) A certificate from the developer and signed by the city that a bond, a certified check, or other security satisfactory to City Council has been filed with the city; or
(3) (a) The Commission shall require a bond, certified check, or other security satisfactory to City Council and the Commission which shall:
1. Run or be made payable to the city; and
2. Be in the amount determined by the city and Commission to be sufficient to complete the improvements and installations in compliance with these regulations.
(b) In the case of a bond, it shall also:
1. Be with surety satisfactory to the city; and
2. Be in form, sufficiency and execution acceptable to the city.
(B) The bond, certified check or other securities shall specify the time for the completion of the required improvements. Such time shall be satisfactory to the city and Commission. When the improvements have been completed and approval by the city and Commission, the guarantee shall be released and returned. When a portion of the required improvements has been completed and approved by the city and Commission, a portion of the bond, monies or security commensurate with the cost of the improvements may be released and returned.
(C) In the event that cash or its equivalent is deposited as an improvement guarantee, it shall be held in an escrow fund, which may bear interest to the credit of the developer, but the developer shall pay all costs for the maintaining of such escrow fund. All interest earned shall remain in the escrow account until such time the work is satisfactorily completed.
(Ord. 1286, passed 6-7-1982)