When all the required public improvements have been constructed in the subdivision, the subdivider shall post with the City a maintenance bond in the amount of ten percent of the actual public improvement costs. The dollar amount of this maintenance bond shall be subject to the approval of both the Code Enforcement Officer and the City Engineer with regard to being an accurate reflection of actual public improvement costs. N < public improvements shall be accepted by Council until the subdivider posts an approved maintenance bond. Such maintenance bond shall extend for one year from the actual date that Council releases the contract and the performance bond for the required public improvements.
The subdivider shall execute a contract with the City agreeing to carry out all required public improvements and agreeing to post the required maintenance bond. Such contract shall be in a form approved by Council by resolution.
(Ord. 73-09. Passed 3-13-73.)