The final plat of a subdivision shall not be approved unless:
(A) The improvements listed hereinafter have been installed; or
(B) The subdivider shall have filed with the City Council a surety bond or certified check to ensure the construction of the improvements listed in this part in a satisfactory manner and within the period specified by the Council, the period not to exceed two years. The bond, letter of credit, certified check or cashier’s check shall be payable to the city in a sum of 110% of the construction cost of the improvements as estimated by the City Engineer and, if a bond is filed, it shall be in form with surety and conditions approved by the City Attorney. A bond or certified check to ensure improvements will not be required by the city for a subdivision or that part of a subdivision which is located outside of the corporate limits of the city if a bond or certified check to ensure improvement has been filed with the county. If all improvements are not complete after two years from the date of the bond or letter of credit is submitted, the city may utilize the funds to complete the project.
(Ord. 10-3277, § 4-4.2, passed 1-4-2010)