The following list contains information regarding the bonding process, including minimum amounts, duration and security type.
(A) Release of the final subdivision plat will not occur until the improvements required for the area of the final plat is constructed and a final inspection has been performed and found to be in conformance with the plans approved by the city.
(B) Securities shall be posted for a minimum of six months, with a two-year maximum.
(1) The security shall be posted and remain in force until the construction is complete and found to be in conformance with the plans approved by the city.
(2) The security will be reevaluated when an extension to the security is being considered.
(C) Upon receipt of a notice from the bond holder, a final inspection will be made by the Director of Public Works, or a designated representative, to check completeness of the project.
(D) One type of security may be replaced by another type of security in certain situations.
(1) The amount of the replacement security will be based on the Director of Public Works’s estimate of the work remaining.
(2) If the estimate of work results in a lower amount, the replacement security will be treated as a reduction.
(3) Certain situations will require an increase in a security, and in such cases, the replacement security shall be required to equal the higher amount.
(Ord. passed 8-8-2019)