(a) Upon the completion of any improvement of any public street within the Municipality, by constructing or installing water mains, storm sewers, sanitary sewers, paving, grading, curbing or other similar improvement therein, and, in the event that the same are accepted by the Municipality prior to completion of all required improvements, then at the time of the commencement of work thereon and as a condition precedent to acceptance or commencement of work, as the case may be, the person, firm or corporation offering the same for acceptance or seeking permission to go forward with such improvement shall give or secure (1) a bond to be given to the Municipality, its successors and assigns, with a corporation licensed to do a surety or guaranty business in the State; or (2) an irrevocable letter of credit as defined and with the same conditions as Section 1173.03; guaranteeing the maintenance of the improvement or improvements to be constructed, installed, offered, dedicated or accepted, for a period of not less than two (2) years from and after completion, dedication or acceptance by the Municipality, as may be required by the circumstances of the particular case or improvement.
(b) The bond or irrevocable letter of credit shall be in a form approved by the Law Director and in such amount as shall be determined by the Engineer to be required in each particular case, to protect the interests of the Municipality and its inhabitants or property owners in the improvement or improvements concerned, but in no event shall the financial assurance provided be less than ten percent of the cost of each improvement. The person, firm or corporation constructing, offering or dedicating the improvement shall have the option of depositing in escrow with the Finance Department, money in the amount fixed as hereinabove provided, in lieu of giving a bond or irrevocable letter of credit.
(c) Nothing in these Regulations shall be construed to limit or impair the right of the Municipality to require such bonds or irrevocable letters of credit, in such amounts and containing such terms, provisions and conditions as may be deemed necessary, in instances of any improvements constructed or installed by the Municipality, under the direction of the officials charged by the law with the responsibility therefor.
(Ord. 2023-09-27. Passed 12-6-23.)