The owner shall, prior to the final approval of the plat, deposit with the City a reasonable amount of money, as is estimated and prescribed by the City Manager, to defray the costs of any inspection and/or engineering services, filing fees and any incidental costs that are directly chargeable to the particular project.
The owner may, at any time, request a statement of the account and at the final completion of the project and acceptance of same by the City for future maintenance, any surplus money remaining in the account shall be returned to the original depositor.
At the option of the owner, the owner may deposit a bond with the City, in the amount of the estimated cost of the inspection and/or engineering services, filing fees and any incidental costs, in lieu of the cash deposit hereinabove provided. Such bond shall guarantee the payment by the owner to the City of the above expenses as the owner may be requested to pay from time to time by the City Manager. The bond shall be executed by the owner and a surety satisfactory to the City Manager and shall be released by the City upon receipt of final payment. (Ord. 1961-3. Passed 7-31-61.)