(A) The contract provided for in § 155.107 shall require the subdivider to make an escrow deposit or, in lieu thereof, furnish a performance bond. The escrow deposit or performance bond shall conform to the requirements of this regulation.
(B) An escrow deposit shall be made with the City Manager-Clerk in a sum equal to 125% of the total cost as estimated by the Engineer of all the improvements to be furnished and installed by the subdivider pursuant to the contract, which has not been completed prior to approval of the plat. The total costs shall include costs of inspection by the city. The city shall be entitled to reimburse itself out of the deposit for any cost and expense incurred by the city for completion of the work in case of default of the subdivider under the contract, and for any damages sustained on account of any breach thereof. Upon completion of the work and termination of any liability, the balance remaining in the deposit shall be refunded to the subdivider.
(C) In lieu of making the escrow deposit, the subdivider may furnish a performance bond with corporate surety, in a penal sum equal to 125% of the total cost as estimated by the Engineer of all the improvements to be furnished and installed by subdivider pursuant to the contract, which have been completed prior to the approval of the plat. The total costs shall include costs of inspection by the city. The bond shall be approved as to form by the Attorney and filed with the City Manager-Clerk.
(Ord. 179, passed 2-16-78)