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(A) Where the subdivision contains sewer, sewage treatment plants, water supply systems or other physical facilities necessary or desirable for the welfare of the area or that are of common use or benefit which are not or cannot be satisfactorily maintained by an existing public agency, provision shall be made which is acceptable to the agency having jurisdiction over the location and maintenance of such facilities for the proper and continuous operation, maintenance and supervision of such facilities.
(B) At the time of the acceptance of subdivision improvements, the developer shall be required to post a maintenance bond for 10% of the construction cost of the subject improvements. This bond shall be for the assurance of the serviceability of facilities installed and shall be given as an irrevocable guarantee. The term of maintenance bonds shall be one year on water and sewer improvements and two years on street and drainage improvements. These maintenance bonds shall be irrevocable. In lieu of filing the above stated maintenance bond, the subdivider may secure and place on deposit with the city an irrevocable letter-of-credit written by a bank certified to do business in the state. Such letter-of-credit shall be drawn in favor of the city and shall be irrevocable for the term of one year.
(`93 Code, § 12-458) (Ord. 1041, passed 4-12-83)