(A) When the final plat is submitted to the Plan Commission, it shall be accompanied by a notice from the Town Council stating that there has been filed with and approved by that body, one of the following:
(1) A certificate that all improvements and installations for the subdivision required for its approval have been made or installed in accordance with specifications; or
(2) A bond which shall:
(a) Run to the Town Council.
(b) Be in an amount determined by the Commission to be sufficient to complete the improvements and installations in compliance with this chapter.
(c) Be with surety satisfactory to the Commission; and
(d) Specify the time for the completion of the improvements and installations.
(B) Upon the completion of the improvements and installations required of a subdivider for the approval of a final plat, and prior to the acceptance thereof for public maintenance by the Town Council or, if applicable, to any other governmental unit, the subdivider shall provide a three year maintenance bond which shall:
(1) Run to the Town Council and, if applicable, to any other governmental unit having a legal responsibility for the maintenance of the improvements and installations.
(2) Be in an amount equal to 20% of the cost of the improvements and installations as estimated by the Town Council.
(3) Provide surety satisfactory to the Commission.
(4) Warrant the workmanship and all materials used in the construction, installation, and completion of the improvements and installations to be of good quality and have been constructed and completed in a workmanlike manner in accordance with the standards, specifications, and requirements of this chapter and the satisfactory plans and specifications therefor.
(5) Provide that for a period of three years after the installations and improvements have been completed or are accepted for public maintenance by any appropriate governmental unit or agency thereof, the subdivider will at his own expense make all repairs to the improvements and installations, or the foundations thereof, which may become necessary by reason of improper workmanship or materials, with such maintenance, however, not to include any damage to the improvements and installations resulting from forces or circumstances beyond the control of the subdivider or occasioned by the inadequacy of the standards, specifications, or requirements of this chapter.
(C) Within a reasonable time after application for approval of the final plat, the Commission shall approve or disapprove it. If the Commission approves, it shall affix the Commission’s seal upon the plat, together with the certifying signature of its president and secretary. If it disapproves, it shall set forth the reasons for such disapproval in its own records and provide the applicant with a copy.
(Ord. passed 3-9-70)