The proprietor/developer shall be required to provide financial security in one or a combination of the following arrangements, whichever the proprietor/developer decides.
(A) Escrow fund. A deposit by certified check, sufficient to cover the cost of the contemplated improvements as estimated by the city, shall be deposited with the City Treasurer. The escrow deposit shall be for the estimated time period necessary to complete the required improvements.
(B) Irrevocable letter of credit.
(1) An irrevocable letter of credit issued by a bank authorized to do business in the state in an amount to cover the cost of the contemplated improvements as estimated.
(2) The City Council may rebate or release to the proprietor/developer, as the work progresses, amounts commensurating to the ratio of the contemplated and accepted work of the total project.
(C) In case the subdivider shall fail to complete the required public improvements work within such time periods, the City Council may proceed to have such work completed and reimburse itself for the cost thereof by appropriating the cash deposit, certified check, surety bond, or by drawing upon the letter of credit.
(D) Prior to the acceptance by the city of improvements, a one-year maintenance bond in an amount equal to 100% of the total cost shall be deposited by the proprietor/developer.
('68 Code, § 6-1410) (Ord. 434, passed 1-24-73)