A. Upon approval of required improvements, a maintenance bond shall be filed with the city clerk on approved city bond forms guaranteeing repair of defects in construction of the improvements for a period of one year. (See Attachment No. 3 as provided at the end of this title.)
B. The maintenance bond shall be for the sum of fifteen percent of the estimated cost of construction as determined by the subdivided engineer and approved by the city engineer.
C. Maintenance bonds shall be secured to the city in the same manner as construction bonds.
D. The city council shall release maintenance bonds and the surety thereon with interest, if any, upon satisfaction of the conditions of the bond.
(Ord. 81-10 § 7.1 (E), 1980).