(A)   In order that the city has the assurance that the construction and installation of required erosion and sediment control structures, features and measures as required by the approved erosion and sediment control plan will be completed, the developer shall enter into one of the following agreements:
      (1)   To construct all improvements directly affecting the subdivision, as required by the city, prior to the issuance of a building permit or approval of a final subdivision plat as appropriate; and
      (2)   In lieu of the completion of the improvements, to execute a performance bond or surety bond, certified check, escrow account letter of credit or other means of security with the city equal to the cost of construction, plus 10% of such improvements as shown on plans, and based on an estimate approved by the city.
   (B)   The security shall run to the city for a period of time not to exceed two years, from date of execution, and shall provide that the subdivider, his or her heirs, successors and assigns, his or her agents or servants, will comply with all applicable terms, conditions, provisions and requirements of these regulations, and will faithfully perform and complete the work of constructing, installing, and maintaining such facilities or improvements in accordance with such laws and regulations.
   (C)   Before said security is accepted, it shall be approved by the proper administrative officials.
   (D)   Whenever a cash deposit is made, the same shall be made to the city.
   (E)   Preceding the acceptance of the developer’s security, and itemized list of materials and their cost shall be submitted to the city. Construction cost estimates shall reflect realistic and current bid prices.
   (F)   As required improvements are completed, approved, and accepted, the city may, reduce the amount of the security.
   (G)   When the proper administrative officials, following final inspection of a subdivision, certify to the city that all improvements have been constructed in accordance with city specifications as established, the city may proceed to accept the facilities for which the security was posted.
   (H)   Whenever public improvements have not been constructed in accordance with the agreement, and with specifications as established, the city may exercise its right of foreclosure under the security agreement.
(1982 Code, § 159.42)  (Res. 96-20, passed 2-3-1997)