The subdivider/developer shall be required to post a mandatory performance and maintenance bond in event a subdivider or developer goes bankrupt or otherwise leaves the project in a state of disrepair. Such bond shall be held by the City Clerk and shall become effective upon acceptance of the final plat by the municipality, unless otherwise stipulated. Maintenance bonds shall run for two years on street paving and drainage improvements, and three years on sewer and water improvements.
(1978 Code, § 16.12.110) (Ord. 96-11, passed - -1996)