The City of Crawfordsville may require financial guarantees such as performance bonds, or irrevocable letters of credit to be submitted. These performance bonds, irrevocable letters of credit, or other accepted financial guarantees any be part of the financial guarantee package required by the Board of Public Works for subdivisions, development plans, and the like.
(A) Performance guarantees
(1) Submission of performance guarantees. Performance guarantees shall be in a form approved by the City Attorney, and may be based upon the bond estimate form and unit prices, as approved by the Board of Public Works for the cost to complete proposed site improvements.
(a) Performance guarantees may be required to cover total installed cost for storm drain pipe, culvert, manhole, and box inlet installation.
(b) Performance guarantees may be required to cover total cost for site filing and grading, including construction on open drainage swales and stormwater storage facilities.
(c) A separate performance guarantee shall be required for the installation of erosion and sediment control measures and regarding of minor drainage collector swales. Erosion and sediment control performance guarantees shall be in a form approved by the City Attorney, and shall be based upon the bond estimate form and unit prices, as approved by the Board of Public Works, for the cost to complete proposed sediment and erosion control installation, including, but not limited to:
1. Re-establishment of erosion and sediment control devices;
2. Re-grading of the site;
3. Seeding of the entire denuded area; and
4. Cleaning of the storm drain system.
(2) Release of performance guarantees. The contractor or owner will schedule the final inspection with the Office of the City Engineer. After successful completion of the final inspection, the performance guarantees will be released in conformance with Board of Public Works policies and procedures, after the City Engineer approves the following submitted information, and record drawings prepared under the supervision of and certified by a professional engineer or professional land surveyor licensed in the State of Indiana.
(B) Maintenance guarantees.
(1) Submission of maintenance guarantees. Prior to the release of the stormwater facility, and erosion and sediment control performance guarantees, a maintenance guarantee shall be submitted.
(a) This guarantee shall be in the amount not to exceed 20% of 110% of the bond estimate form.
(b) Guarantees shall not be accepted from December 1 to March 1 of any given year.
(c) Maintenance guarantees shall be in a form approved by the City Attorney.
(d) Maintenance guarantees shall not be required for storm systems that are to remain privately owned and maintained.
(2) Release of maintenance guarantees.
(a) Maintenance guarantees shall cover a period of three years from the date of acceptance by the city.
(b) Guarantees shall not expire from November 1 through April 1 of any given year.
(Ord. 2-2010, passed 3-8-10)