(a) If the monuments referred to in Section 1230.09 have not been set when the plat is ready to be accepted, the bond in lieu of performance may include an item to cover the cost of setting such monuments at the rate of seven hundred fifty dollars ($750.00) per monument. If the monuments have not been set within three (3) months after the expiration of the time limit fixed by the bond for grading and construction of the streets, the Planning Commission may cause such monuments to be set and the cost thereof shall be assessed against such bond and such bond shall provide. In lieu of covering the monuments in the bond, the allotter, at his option, may give the Commission a certified check made payable to the City of Fairlawn or a cash deposit to cover the setting of the monuments at the rate of seven hundred fifty dollars ($750.00) per monument, which check or cash shall be refunded upon the completion of setting and approval by the City Engineer of the monuments within the three (3) month period established above. The subdivider shall make this deposit and execute an agreement with the City covering the setting of the monuments before the final effective approval.
(b) Such security or bond shall be released after the improvements for which the bond has been given have been inspected by the appropriate departments of the City and have been found to be satisfactory and in accordance with the specifications.
(c) All security or bonds shall be forfeited if not claimed by the developer within a five (5) year period and shall revert to the City's general fund. (ORC 9.39)
(Ord. 2005-085. Passed 1-9-06; Ord. 2007-002. Passed 4-2-07; Ord. 2020-021A. Passed 6-15-20.)