A. If the required improvements are not completed satisfactorily before the Final Map is filed, the owner or owners of the subdivision shall, prior to the approval of the map, enter into an Agreement with the Council to complete the work within the time specified in the Agreement. The Agreement may provide for the improvements to be installed in units, for extensions of the time under specified conditions, or for the termination of the Agreement upon a reversion of the subdivision or a part thereof to acreage. Such Agreement shall be secured by good and sufficient bonds payable to the City approved by the Council, or by the deposit of money or negotiable securities with the City as provided in the Subdivision Map Act. Provided, however, that the faithful performance bond shall be in an amount not less than one hundred (100) percent of the total estimated costs of improvements and the materials bond shall be in an amount not less than fifty (50) percent of the total estimated cost of improvements.
B. The foregoing shall not preclude the owner or owners of the subdivision from entering into a contract with the Council by which such owner or owners agree to initiate and to consummate proceedings under an appropriate special assessment act for the formation of a special assessment district covering the subdivision or part thereof, for the financing and construction of designated improvements upon the streets or easements dedicated by the Map.
C. The subdivider shall be responsible for safety and maintenance of all improvements until accepted by the City and shall hold the City harmless.
D. After the Final Map has been recorded, all subdivision improvements shall be accepted by the Council immediately upon satisfactory completion, and the subdivider and any other person or agency having an interest in such completion shall be notified in writing by the Council of such completion and acceptance. At the time of such acceptance, the City shall take over the subdivision public improvements for maintenance.
('65 Code, § 31-127) (Ord. No. CS-622 § 1 (part))