11-4-6: PERFORMANCE GUARANTEE:
   A.   Forms: Prior to certification of final plat approval by the Mayor, the subdivider shall have provided the city a financial guarantee of performance in completion of required improvements, in one or a combination of the following forms as determined by the city:
      1.   Performance Or Surety Bond: Performance or surety bond in the amount deemed sufficient by the city engineer to cover but not to exceed the full cost of required improvements, engineering inspections, incidental expenses and replacement and repair of any existing streets and utilities or other improvements which may be damaged during construction of required improvements. Such bond shall be executed by a surety company authorized to do business in the state, must be approved by the city attorney as to form and have a length of term not exceeding twenty four (24) months from the date of final plat recordation.
      2.   Cash, Certified Check Or Negotiable Bonds: Deposit of cash, certified check or negotiable bonds, payable to the city finance director or to a responsible escrow agent or trust company approved by the city attorney, in the same amount and for the same purpose as heretofore provided for performance bond.
      3.   Street Abutting Property Not Under Control Of Subdivider: In cases where all properties abutting a public street within any given block are not under the control of the subdivider and the street abutting such properties is not fully improved in accordance with the requirements of this title, the subdivider may petition the city to construct the required improvements and to assess the cost thereto against abutting properties in accordance with local practice pertaining to special assessments; provided, however, that the subdivider shall be responsible for any difference between the cost of such improvements and the amount which can be legally assessed by the city against the property to be subdivided and shall furnish any necessary waivers to permit assessment of the entire cost of such improvements. Any such agreement shall be in a form approved by the city attorney.
      4.   Letter From Lender: In addition to complying with the requirements set forth in subsections A1, A2 and A3 of this section, the subdivider, in the event that he obtains a construction loan or financing from a lender, will cause such lender to furnish a letter to the city guaranteeing that no funds will be disbursed to the subdivider until such time as he has completed, and the city has approved, each specific part of the construction project.
   B.   Penalty In Case Of Default: In the event that the subdivider fails to complete all required subdivision improvements in accordance with terms of his agreement with the city, the city may have such work completed and, in order to reimburse itself for the cost and expense thereof, may appropriate the deposit of cash or negotiable bonds or take such steps as may be necessary to secure performance under the bond.
   C.   One Year Maintenance: The subdivider shall guarantee the adequacy of street and utility improvements for a period of one year.
   D.   Job Progress Payments: No job progress payments from cash or negotiable bond shall be made by the city except upon certification by the city engineer and approval by the city council. (Prior Code § 18A-25)