In order to protect the City and prospective purchasers of and residents in a subdivision, the subdivider/developer shall provide to the City financial security to guarantee the installation of public improvements. The subdivider’s or developer’s financial guarantee may be any of the following:
A. An escrow of funds with the City;
B. An escrow with a bank or savings and loan association upon which the City can draw;
C. An irrevocable letter of commitment or credit upon which the City can draw;
D. A performance bond for the benefit of the City upon which the City can collect, or a certificate of deposit with assignment letter; and
E. Any other form of guarantee approved by the Mayor and City Council that will satisfy the objectives of this section. The guarantee shall be in an amount to secure the full costs, as determined by the City, of constructing or installing the improvements and utilities required. (Ord. 437, - -2020)