Prior to approval by the Planning Commission of the final plat, the owner of the subdivision shall give to the City a full construction and maintenance performance bond in the amount of the estimated cost of the grading, storm sewers, sanitary sewers, water lines, paving, walks, corner markers and incidentals necessary to complete the construction of the project. The bond shall be executed by the owner with a surety or sureties satisfactory to the Finance Director and the Law Director, guaranteeing the completion of the installation of the improvements within such time as is proposed by the owner, recommended by the City Manager and approved by Council. Such period of time shall extend from the date of the approval of the bond.
Upon completion of the various items of work, and the acceptance of same by the City, the owner may apply to the City for final inspection. If the City finds that all installations meet the requirements of the approved plans and specifications, the amount of the bond may be reduced to ten percent of the original amount, guaranteeing against defective workmanship or material incorporation in the project, or any displacement of or damage to the pavement, walks or other improvements during the twelve-month maintenance period.
At the termination of such twelve-month maintenance period the owner may apply to the City for an inspection of the various items or work. Before such inspection is made, the owner shall cause the sanitary sewers, storm sewers and the surface of the pavement and walk to be cleaned. When the City finds that any defects in workmanship or materials which might have developed within the twelve-month maintenance period have been properly corrected, they shall notify the owner that the bond may be released, and the City shall assume all maintenance thereafter.
If the improvements are not completed as proposed within the time limit that was established, the bond shall be forfeited and the money shall be collected by the City and used to complete the specified improvements. The money that is collected from the bond shall be used for no other purpose, and any money remaining after the completion of the work shall be returned to the original depositor.
(Ord. 1961-3. Passed 7-31-61.)