If improvements are not completed in a subdivision prior to final plat approval, four copies of a contract between the subdivider and the City, or between the subdivider and the County Commissioners when the plat falls within the three-mile limit, shall be required to assure completion of such improvements. The contract shall be supported by a performance bond with a corporate surety or a letter of credit satisfactory to the City or the Board of County Commissioners and in an amount equal to the cost of construction, plus engineering fees for layout and inspection, based on an estimate furnished or approved by the City or County Engineer. The bond or letter of credit shall be accepted on the basis that the improvements will be completed within the time specified in the agreement. In the event improvements are not completed within the time specified, then the City or the County Commissioners may enforce or relet the contract, and the subdivider and the bonding company or the issuer of the letter of credit will be severally and jointly liable for the costs thereof.
(Ord. 2585. Passed 9-6-77.)