(a) If improvements are not completed in a timely manner, or for cause, the Engineer may require a performance bond equal to the total cost of the improvements to be completed. Such bond shall set forth the
City as the beneficiary and shall be issued by a reputable and solvent bonding company, licensed to do business in Ohio and shall be deposited with the Engineer and retained by the City until all improvements are constructed to the satisfaction of the Engineer
(b) After the improvements are completed, and accepted by the Engineer, the developer shall provide the
City with a two (2) year maintenance bond of at least ten percent (10%) of the approved estimated cost of construction. The developer shall complete the construction or repairs of all improvements within two (2) years from the date of permission to proceed. Otherwise, the City shall have the right to use the performance bond money to complete the improvements. The aforesaid two (2) year period may be extended by Council for good cause.
(Ord. 91-95. Passed 10-7-1996.)