(a) A surety agreement, as referred to in these Subdivision Regulations shall be a performance bond, escrow agreement or other acceptable collateral or surety. Such surety agreement shall be required by the City as acceptable guarantee for the installation and construction of required improvements where they have not been completed prior to final plat approval. The surety shall be sufficient as determined by the appropriate City official(s).
(b) The developer shall post such a surety agreement with the Finance Director in the amount specified by the City Engineer providing acceptable guarantee to the City that all required improvements shall be constructed in accordance with specifications.
(c) Specifically, the developer shall be required in posting the surety agreement to agree to the following items:
(1) To construct and install or cause to be constructed and installed at his own expense, all streets, curbs, sidewalks, fire hydrants, drainage facilities, street signs, monuments, water and sewerage facilities, street lights and other required improvements in strict accordance with the final plat, as approved, and in strict accordance with design standards and specifications.
(2) To maintain at his own cost such streets, curbs, sidewalks, fire hydrants, drainage facilities, street signs, monuments, water and sewerage facilities, and other required improvements, until the same are accepted by Council in accordance with applicable regulations and ordinances.
(3) To obtain at the developer's expense the easements and releases required when any street, storm drainage facility, or other required improvement abuts or traverses land of persons other than the person holding legal title to the lands of the subdivision.
(4) To post a guarantee bond or acceptable surety agreement to remain in effect for a period of one year, following acceptance of required improvements by the City for the purpose of assuring satisfactory construction.
(Ord. 90-1312. Passed 5-1-90.)