(A) The performance bond required for the conditional acceptance by the Board of uncompleted street construction shall:
(1) Show the applicant or some other person acceptable to the Board as principal and run jointly and severally to the City of Lawrence and the Board;
(2) Be in an amount equal to 100% of the cost, as estimated by the Board, of all improvements and installations required by this code, excluding the cost of construction completed in compliance with the requirements and specifications of this code, as determined by the Board;
(3) Provide surety satisfactory to the Board;
(4) Run until and terminate after the filing by the Board of the completion affidavit with the Commission evidencing acceptance by the Board of the improvements and installations and/or 90 days after the filing of the proof of compliance by the applicant with the Board as required in § 5-2-2-7, unless within the 90-day period the Board determines that the requirements and specifications of this code have not been met and the Board notifies the applicant of the determination by certified mail sent to the applicant’s address appearing on the application for street construction permit, in which event the bond shall continue to run until the Board files its completion affidavit with the Commission;
(5) Specify that all the required improvements and installations shall be completed in accordance with the requirements and specifications of this code prior to the time that houses or residential structures have been built upon 81% of the lots shown upon the plat or within three years after the date of the Board’s acceptance of the streets, whichever event occurs first; and
(6) Provide that upon completion of the required improvements and installations, but prior to the acceptance thereof for public maintenance by the Board, the applicant shall provide a three-year maintenance bond covering the installations and improvements, as required by this chapter.
(B) The performance bond shall be released only after completion of all construction and acceptance of the streets by the Board and the posting of the maintenance bond required by this chapter. The release shall be certified by the Board to the Commission pursuant to this code.