(A)   The bond or security required by § 50.41 shall be in the form of a surety or performance bond, cash deposit, or negotiable instrument. The cost of the public improvement shall be established by a contract between the person and a contractor for the construction of the improvement. The amount of the bond or other security shall be determined by the City Manager, but in no case shall be in an amount less than the contract price for the construction of the public improvement.
   (B)   The bond or other security shall:
      (1)   Name the city as the obligee;
      (2)   Be in a form approved by the City Attorney;
      (3)   Release shall be conditioned upon final approval of the development and transfer of the public improvement to the city by dedication or other instrument;
      (4)   Provide full warranty for the improvements for a minimum of two years after the date the improvements are formally transferred to the city;
      (5)   Shall be subject to forfeiture if the permittee does not complete the improvements within the stated period or, if the person creates a hazard which poses imminent danger to public health or safety within the immediate vicinity of the improvement and the permittee fails to commence correction within 24 hours of the date notification of the danger is provided to the permittee by the City Manager, in writing; and
      (6)   Shall cover all costs, liquidated damages, and attorney’s fees incurred by the city as a result of the permittee’s failure to complete construction within the specified time or to correct a hazard posing imminent danger to public health or safety in a timely fashion.
(Ord. 02-2001, passed 1-8-2000) Penalty, see § 50.99