The subdivider shall guarantee the construction of all required improvements in one of the following ways:
(a) The subdivider may construct all improvements. Upon the completion of such improvements and their acceptance by the City Engineer and legislative authority, the subdivider may request approval of a subdivision by the Planning Commission. The subdivider shall, prior to constructing such improvements, seek preliminary approval by the Commission.
(b) The subdivider may furnish a surety bond equal to the estimated cost of construction of all the improvements. The estimate shall be furnished by the owner and approved by the City Engineer and legislative authority.
(c) The subdivider may make a cash deposit with the legislative authority in sufficient amount equal to the estimated cost of improvements.
The performance bond or cash deposit shall run to the Municipality and shall provide that the subdivider, his heirs, successors and assigns, their agent or servants, will comply with all applicable terms, conditions, provisions and requirements. Before such bond is accepted it shall be approved by the City Engineer and the legislative authority. A copy of the bond shall be transmitted to the Commission for its approval.
(Ord. 10-73. Passed 3-5-73.)