The performance bond, letter of credit or certified check shall remain in effect until the public improvements are accepted unless there is a default in the completion of the improvements or the failure of the subdivider to perform “repairs and maintenance” on the improvements during the period of time between final plat approval and the time noted in the subdivider’s contract. In the event of default, as determined by the City Engineer, the letter of credit or certified check may be cashed by the Finance Director and the proceeds thereof used to complete the improvements, to make the repairs, to provide the maintenance, to pay claims connected therewith for which the subdivider may be liable, and to secure any other default of the subdivider connected with the making of the improvements. In the case of a performance bond the necessary steps will be taken by the Law Director to require performance by the bonding company.
(Ord. 99-207, passed 1-10-2000)