Before approval of a final plat, the planning commission must be satisfied that all improvements required in this chapter have been constructed. In lieu of the completion of the improvements, the subdivider may:
A. Furnish a bond executed by a surety company authorized to do business in the state of Oklahoma, a cashier's check payable to the city clerk or a letter of credit in forms prescribed by the city and issued by a bank or building and loan company authorized to do business in the state of Oklahoma, in an amount equal to the cost of construction of the required improvements, and conditioned upon the completion of the improvements within twelve (12) months after approval of the final plat; or
B. Ask for a conditional approval of the final plat, with the final approval to be made upon completion of the improvements and which must be completed within twelve (12) months of the conditional approval. If a bond, cashier's check or letter of credit is given and the work is not completed within twelve (12) months, the city shall obtain payment on the bond or use the funds from the cashier's check or from the letter of credit and complete the required improvements. No building permit shall be issued by the building official for a dwelling unit in the subdivision until the required improvements for such unit have been constructed or such construction is guaranteed by a bond, cashier's check or letter of credit, and no certificate of occupancy shall be issued for any such unit until the improvements required therefor are completed. (Ord. 98-25, 9-1-1998)