The owner shall give a full construction performance bond, executed by a surety or sureties satisfactory to the Board of Trustees of Public Affairs or a certified check guaranteeing the completion of the improvements within one year or a reasonable period of time, as fixed by the Board. This bond or check shall be in an amount equal to the Engineer's estimated cost of completing the improvement. If not completed as agreed upon, the bond shall be forfeited, and the money collected from the bonds shall be used for no other purpose. Any funds remaining after completion of the work shall be returned to the original depositor or surety company.
(Ord. 871. Passed 2-3-64.)