The posting of a performance bond by a subdivider for all of the estimated cost of all required public improvements, grading and erosion and sedimentation control measures, as specified in these Regulations, shall be required to guarantee proper installation of all the public improvements required in these Regulations. Such performance bonds shall be required in the amount of 100 percent of the estimated cost of all public improvements. The amount of the posted bond must be found by the City Engineer to adequately reflect the probable costs of the public improvements to be installed.
The subdivider shall execute a contract with the City agreeing to carry out all required public improvements and agreeing to post the required performance bond. Such contract shall be in a form approved by Council by resolution.
(Ord. 73-09. Passed 3-13-73.)