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(a) All public improvements shall be guaranteed by the owner for a period of one year from the date such improvement is accepted by the City. This guarantee shall include any and all defects and deficiencies in workmanship and materials. The cost of all labor, materials, equipment and other incidentals required to maintain, repair and replace any or all of such improvements and to maintain them in good and proper condition, excluding ordinary wear and tear, but including filling trenches and restoring lawns, sidewalks, yards, streets, sewers, pipe lines, etc., during the one year guarantee period shall be assumed by such owner. In the event the owner fails to make such maintenance, repairs or replacements within a reasonable time after notice in writing by the City or in the event of an emergency which may endanger life or property, the City may make or cause to be made, such repairs or replacements at the expense of such owner. In order to indemnify the City for the expense of any such repairs or replacements made by or at the direction of the City, a guarantee shall be made by filing with the City evidence satisfactory to the Director of Public Service one of the following:
(1) A maintenance bond equal to ten percent of the construction cost for the public improvements as approved by the City Engineer;
(2) A certified check equal to five percent of the estimated construction cost for public improvements as approved by the City Engineer; or
(3) A certification to the City by a financial institution or corporation acceptable to the Director of Finance;
That funds equalling five percent of the estimated construction cost for public improvements as approved by the City Engineer, have been set aside in an escrow account;
That these funds cannot be released without a release by the City;
That the institution or corporation holding the funds shall release to the City any or all of the funds so escrowed for the purposes enumerated herein; and
That the escrow account will not be closed out without the approval of the City with the final acceptance of the public improvements by the City constituting release of the escrow account lacking any formal release by the City.
(b) The guarantee will be released one year after it has been submitted to and accepted by the City, provided a written request for the release has been delivered to the City and provided further that the public improvements have been maintained in a satisfactory condition and all expenses incurred by the City pursuant to this section have been paid in full.
(Ord. C43-77. Passed 5-16-77.)