(a) Performance Guarantees.
(1) Type of guarantee. The subdivides, in lieu of the actual installation or completion of required improvements, when requesting permission to record a final plat, shall execute and file a surety acceptable to the City's Director of Public Service.
(2) Term of guarantee. Guarantees shall be for a period of not longer than twenty-four months, unless Council extends the time period by resolution. Council may extend the bond period for a six-month period if it determines that weather conditions or other unusual factors have caused a delay that makes strict enforcement unreasonable.
(3) Amount of grantee. The financial guarantee shall be in an amount equal to the City Engineer's estimate of the cost of completion of all improvements, plus eight percent, as set forth by City Council in legislation.
(b) Maintenance Guarantees.
(1) A maintenance surety acceptable to the City's Director of Public Service shall be posted with the City in the amount of ten percent of the cost of improvements and shall be arranged for a period of twelve months from the date of acceptance of improvements by the City Engineer. This surety is to be posted at such time as the improvements are accepted as complete by the City Engineer.
(2) The subdivider shall be responsible for the maintenance of all improvements against faulty workmanship, including all sedimentation and erosion controls, and shall repair all failures as soon as they become apparent.
(3) The streets and other improvements shall be in a condition acceptable to the City at the end of the maintenance period. If the subdivider fails to perform such maintenance to the complete satisfaction of the City, the City may use such surety guarantee to make the necessary repairs at its discretion.
(Ord. 93-62. Passed 10-3-94.)