(a) Upon acceptance of the final plat by Council, the owner or the developer shall agree, in writing, to complete all public improvements required by Sections 1141.01 to 1141.05 and prior to recording the plat with the County Recorder, he shall guarantee the remaining construction of the public improvements using one of the following:
(Ord. C38-76. Passed 4-19-76.)
(1) A performance bond equal to the estimated construction cost as approved by the City Engineer for the public improvements;
(2) A certified check equal to fifty percent of the estimated construction cost as approved by the City Engineer for the public improvement; or
(3) Subject to the approval of the Director of Finance, a certification to the City by the institution, person, or corporation financing the construction of the public improvements stipulating that the funds in the amount of the estimated construction costs are available and set aside from all other funds;
That these funds will not be released to the owner, developer or their agents unless a release is signed by the City;
That such release by the City only certifies that as best the City can determine the construction was completed to the City's satisfaction and does not relieve the owner and/or developer of the City's maintenance guarantee requirements;
That ten percent of all moneys released will be placed in an escrow account for use by the City should there be cause for the City to have to finish any work through the default, neglect, or negligence of the owner, developer or their agents;
That only the City shall have the right to release the funds in the escrow account; and
That acceptance of the public improvements by the City and the posting of the one year maintenance guarantee shall constitute release of the funds in the escrow account lacking any formal release by the City.
(Ord. C 42-75. Passed 6-23-75.)
(b) The owner or developer shall, prior to beginning construction, deposit with the Finance Director a sum of money as prescribed by the City Engineer, to defray the cost of inspection and whatever engineering services may be required and expense incurred by the City in the installation of the improvements. Should the amount of such deposit be insufficient to pay the cost thereof, the subdivider shall, immediately upon demand, deposit such additional sums as are estimated by the City Engineer to be necessary. Upon completion and acceptance of the improvement, any unexpected balance remaining from such deposit or deposits shall be refunded.
(Ord. C 79-74. Passed 1-20-75.)