1129.01 STANDARD FORMS FOR EXECUTION.

   The Planning Commission shall prepare, adopt and distribute standard forms from time to time for the execution of construction agreements, posting of bonds, title insurance, inspection fees and other administrative procedures essential to the carrying out of the Subdivision Regulations; provided, however, that the following criteria is hereby adopted for performance bonds, maintenance bonds and indemnity insurance. All bonds and insurance required under this section shall be secured from companies licensed and authorized to do business in the State and shall be deposited and remain at all times with the City Clerk.

   (a)    Performance Bond. 

      (1)    One hundred percent (100%) of the City Engineer's estimate of the cost of construction of the storm and sanitary sewers, water systems, streets, sidewalks, street lighting systems and facilities and appurtenances thereto, plus

      (2)    An amount, as determined by the City Engineer to cover the engineering fee commensurate with the work performed, plus

      (3)    An amount, as determined by the City Engineer, to cover the inspection fee.

   (b)    Maintenance Bond. The maintenance bond shall be of such amount as determined by the City Engineer and for such periods for each improvement as follows:

      (1)    Streets, sidewalks, and pavement and facilities appurtenant thereto: two years from date of acceptance by the City of such facilities.

      (2)    Storm and sanitary sewers, water systems, street lighting systems and facilities appurtenant thereto: one year from date of acceptance of the City of such facilities and appurtenances.

      (3)    Temporary Roads: in an amount determined by the Engineer and for a period as determined by the Planning Commission.

   (c)    Bond to Secure Material Men and Laborers. When required by the Planning Commission, the subdivider must furnish a surety bond in a sum equal to the cost as estimated by the City Engineer for the completion of the work guaranteeing the security of material men and laborers in the amount of fifty percent (50%) of the estimated costs.

   (d)    Insurance. The subdivider shall furnish such insurance as is deemed necessary by the Planning Commission which shall indemnify and save harmless the City from any and all liability arising by reason of the unimproved conditions of the streets of such subdivision which may arise or grow out of the construction or installation of such facilities when undertaken. The insurance shall be of such duration as determined by the Planning Commission, but shall in no case be allowed to expire earlier than the effective period of any maintenance bond. (Ord. 46-1962. Passed 8-17-62.)