§ 157.116 AGREEMENTS AND GUARANTEES.
   (A)   Guarantees. The subdivider may execute and file guarantees with the Planning Commission’s duly authorized representative, in lieu of actual installation or completion of the required improvements, except sidewalks, when requesting approval of the final plat. Such guarantees shall be an amount for the required improvements, as estimated by the subdivider’s engineer, and approved by the Planning Commission’s duly authorized representative. The cost estimate shall be based on the amount determined to be reasonably necessary to complete all of the improvements required to be constructed by the subdivider, as specified in the approved improvement drawings and specifications, including the fees for field inspections.
   (B)   Form of guarantee. The guarantee shall be in the form of cash, direct or general obligations of the United States government, a surety bond, or an approved escrow agreement. The guarantee shall be executed by the subdivider as principal, and if a surety bond, shall be executed by a corporation authorized to act as a surety under the state laws, as surety. The guarantee shall be an assurance of faithful performance of any and all work and the construction and installation of all improvements required to be done by the subdivider, as specified in the approved improvement drawings and specifications, together with all engineering and inspection fees as required by § 157.131(A) of this chapter. The guarantee shall contain the further condition that should the subdivider fail to complete all work and improvements required to be done by him or her within 24 consecutive calendar months of the date of approval of the final plat, or within a mutually agreed on extension, but never to exceed 12 consecutive calendar months, that the Planning Commission or its duly authorized representative may, at its option, cause all required work to be done and improvements constructed. The parties executing the guarantee shall be firmly bound for the payment of all necessary costs therefor. Whenever the subdivider elects to deposit cash or direct or general obligations of the United States government, or an approved escrow agreement, the Planning Commission or its duly authorized representative shall be authorized, in the event of any default on the part of the subdivider or the performance of any work or construction of any improvements for which such guarantees have been deposited, to cause the required work to be done and to withdraw that amount required for payment of all costs therefor.
(1984 Code, § 157.86) (Ord. O-86-78, passed 8-17-1978)