(a) Before the construction of any street in the City, the person, firm or corporation intending to construct the street or streets shall, prior to construction, deposit with the Finance Director a bond acceptable to the City or a certified check guaranteeing the completion of the street improvement within one year or such time as may be agreed to by Council. The bond or check shall be in an amount equal to the estimated cost of constructing the street improvements and as approved by Council. A maintenance bond in the amount of five percent (5%) of the preliminary estimated or final construction cost shall be provided for maintenance of the street for a period of one year after the date of acceptance of the street improvements by Council.
(b) Such bonds or certified cheeks shall inure to the benefit of the City to be used by the City to complete the street or streets in accordance with this chapter in the event that the person, firm or corporation attempting to construct the street or streets does not comply herewith. (Ord. 576. Passed 7-26-65.)