(A) Prior to the approval of the final plat or acceptance by the city of any improvements in any subdivision, the subdivider and/or applicant shall furnish to the city a written warranty against defects which shall guarantee the material and workmanship for a period of not less than one year from the date of such acceptance. Such warranty shall be accompanied by a financial guarantee payable to the city equal to at least 15% of the cost of the installation of such improvements as determined by the City Engineer.
(B) Such financial guarantee shall be in the form of financial guarantee, as provided for in § 153.100.
(C) Upon successful performance of the improvements, as determined by the City Council, for the one-year period, the financial guarantee shall be returned to the subdivider and/or applicant. Upon the failure of an improvement to perform within the generally accepted standards for the type of improvement as determined by the City Council, the subdivider and/or applicant shall be notified and given a reasonable period of time to correct the defects. Should the subdivider and/or applicant fail to act in a timely manner, or otherwise fail to correct the defect(s), the City Engineer shall find the subdivider and/or applicant in default and proceed in the same manner as provided for in § 153.101.
(Ord. passed 9-27-2021) Penalty, see § 153.999