(A) Upon tentative approval of the preliminary plat by the city council and the approval of all appropriate agencies, the subdivider shall construct and install the required subdivision improvements. The submissions required to obtain all required permits shall be the responsibility of the subdivider. All permits shall be obtained prior to the beginning of work on the improvements.
(B) The subdivider shall deposit with the city money in the amount of five percent (5%) of the approved estimate of cost of said improvements to act as a guarantee to the city for a period of one year following completion of construction and final plat approval as outlined in chapter 5 of this title and contained on the approved plans and specifications. If the improvements are completed as agreed at the end of the year, the deposit shall be returned. If they are not completed as agreed, the amount expended during that year on repair of the improvements shall be deducted from the deposit before its return. (Ord. 455, 4-21-1997)