A maintenance bond shall be posted with the Finance Director in the amount of ten percent of the cost of improvements and shall be arranged for a period of twenty-four months from the date of the acceptance of the improvements. Said bond shall be in the form of either a cash deposit or corporate surety bond in such form as is approved by the Law Director.
The subdivider shall be responsible for routine maintenance of all improvements and shall repair all failures due to faulty construction as soon as they become apparent. The subdivider shall also make repairs due to erosion or abuse by utility companies and shall repair all failures for all other reasons during the maintenance guarantee period. The streets, street trees, monuments and other improvements shall be in a condition acceptable to the City at the end of the maintenance guarantee period. If the subdivider fails to perform such maintenance to the complete satisfaction of the City, the City may use such cash maintenance guarantee for the improvement of properties within the subdivision.
(Ord. 2381. Passed 11-22-93.)