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(A) In the event that improvements are not completed as required in § 153.061, the subdivider shall furnish the city with a performance bond in the form of cash, or bond of a recognized surety company acceptable to the Plan Commission, sufficient to cover the cost as estimated by the appropriate municipal agency, of all improvements required to be installed by the subdivider. The bond shall be used to assure the actual construction and installation of such improvements after approval of the final plat and within the time stated in § 153.066. The bond shall be subject to approval of the City Attorney and shall be filed with the Clerk/Treasurer.
(B) Only the following types of bonds shall be accepted by the city:
(1) Cash bond;
(2) Bond provided by a surety company approved by the city; and/or
(3) A nonrevocable letter of credit prepared in substance and in form satisfactory to the Plan Commission or its designee.
(Ord. - -, passed - -) Penalty, see § 153.99