Prior to the recordation of any approved subdivision plat, the subdivider must file with the City Secretary a bond executed by a surety company, holding a license to do business in the state, in an amount equal to the estimate cost of constructing the required improvements, as approved by the City Engineer, guaranteeing to the city that all the improvements shall be constructed and completed in a satisfactory manner and within a period of two years from the date of plat approval. The cost estimate shall include an escalator clause equal to the percent change according to a locally recognized construction cost index for the preceding calendar quarter. The bond shall be approved by the City Attorney and shall be made payable to and enforceable by the city. Upon substantial compliance and acceptance of all improvements by the City Engineer, the bond may be released in writing by the City Secretary and may be returned to the developer.
(Ord. 08-358, passed 11-18-2008)