A. Bond Requirements: Such improvement and maintenance bonds, provided to guarantee the installation and maintenance of the required improvements, shall:
1. Be in favor of the city of Elgin, Oklahoma;
2. Be in an amount equal to one hundred percent (100%) of the cost of improvements, installations and reasonable maintenance thereof, as approved by the city council; and
3. Provide conditions satisfactory to the planning commission and the city council.
B. Duration Of Bond:
1. Improvement bonds shall be in force until, and terminate ninety (90) days after, the filing with the city council of a completion affidavit obtained from the building official, unless within said ninety (90) days, the building official determines that the requirements, standards and specifications of these standards applicable to the construction, installation and completion of said improvements have not been met. In such case, the building official shall notify the applicant in writing, by certified or registered mail, and the bond shall continue to run until the filing of proof that the deficiencies have been corrected and all standards met.
2. Maintenance bonds shall run for a period of one year from the date of release of the improvement bond. (Ord. 1-10-85, 1-10-1985, eff. 2-10-1985)
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