(a) After Council approves the final plat for record-keeping purposes only, but before the commencement of any work in such subdivision, the subdivider shall file with the Clerk of Council an improvement bond with corporate surety in the amount of the final construction costs of all improvements necessary to complete the subdivision in a satisfactory and timely manner in accordance with these Regulations and other applicable regulations of the City.
(b) Bonds for subdivisions shall be in such form as are approved by the Director of Law.
(c) The Clerk of Council shall not affix his or her signature to the acceptance for record-keeping purposes only provision of a plat as provided for in Section 1134.08(f)(1) until the bond or bonds contemplated herein have been filed in his or her office and approved by the Director of Law.
(d) Upon failure of completion of all improvements within twelve months from the time of final plat approval as specified in Section 1134.10, or any extension granted by the Planning Commission or Council for good cause shown, the City may, at its option and upon ten days written notice to the subdivider, complete all or any portion of the improvements and the subdivider shall be liable to the City for the costs of such improvements, plus an additional twenty-five percent of such costs to cover City overhead.
(e) Should the City exercise its option to complete all or any portion of the improvements, the improvement bond amount shall be declared forfeited and the costs of completion, plus overhead, shall be charged against such amount.
(f) Upon the furnishing of a maintenance bond by the subdivider as provided for in Section 1134.15, the balance of the improvement bond fund shall be returned. Final payments will not be made until the subdivider provides a maintenance bond.
(Ord. 96-61. Passed 4-21-97.)