The applicant shall be required to maintain all required improvements within the subdivision until acceptance of the improvements by the local government. Prior to acceptance, the developer shall be required to obtain a maintenance bond from a surety bonding company authorized to do business in the state. The bond shall be payable to the local government. The amount of the bond shall be equal to 15% of the entire cost of material and labor for all water lines, sewer lines, paving, grading and drainage improvements. The duration of the maintenance bond shall be two years from the date of acceptance of said improvements by the governing body and shall cover only the defects in design, workmanship and materials.
(Prior Code, § 11-5-7) (Ord. 594, passed 8-5-1997)