(a) The public utilities and other required improvements required herein shall be installed, or their installation guaranteed, in conformance with the provisions of those regulations before the issuance of a permit to construct a building upon a lot and before the sale or lease of a lot.
(b) The developer may execute and file with the City Engineer guarantees in lieu of actual installation or completion of the required improvements. Such guarantees may be in the form of a performance or surety bond, a certified check or any other type of a surety approved by the Law Director.
(1) The financial guarantees shall be in an amount equal to the estimated total cost of materials and labor required to install or construct the improvements. Such costs shall be verified by the City Engineer. When any portion of an improvement has, upon inspection, been found satisfactorily completed, a reduction in the bonds, or partial withdrawal of funds equal to the estimated costs of such completed improvements, may be authorized by the City Engineer and Safety-Service Director.
(2) The terms of such guarantees shall be determined by the Planning Commission, however, they shall not be for a period of more than two years unless the Safety-Service Director, by resolution, extends the time.
(Ord. 1978-4. Passed 3-6-78.)