(A) Performance bonds for improvements shall be in full force and effect until acceptance of the improvements by the city at which time the maintenance bonding period shall commence. Maintenance bonds will then be in full force and effect throughout the duration of the bond period as set by this chapter.
(B) The amount of all bonds or acceptable collateral shall not be less than the estimated cost of the dedicated improvements, including all inspection services and tests conducted by the city. The amount of the estimate of the bond or acceptable collateral must be approved by the Public Works Director.
(1) Performance bond. The subdivider may post a surety bond, cash bond or certified check with the city, guaranteeing that said improvements will be constructed within a period of two years from City Council approval of the final plat, however, if surety bond, cash bond or certified check is posted, City Council approval of the plat will not constitute final acceptance by the city of any improvements to be constructed. Improvements will be accepted only after their construction has been completed and inspection by appropriate city personnel certifying the improvements have been completed in conformance with specifications and the minimum standards of the city. No public funds will be expended in the subdivision until such improvements have been completed and accepted by the city. The performance bond shall be utilized for the public improvements not completed at the time of filing of the final plat and include but are not limited to all work associated with:
(a) Street construction including grading, subbase aggregate, pavement, curb and gutters;
(b) Sanitary sewers;
(c) Storm sewers systems and stormwater detention;
(d) Street grading, signage, striping, traffic-control signals and lighting; and
(e) Water mains and fire hydrants.
(2) Maintenance bond. The subdivider shall be responsible for the installation and/or construction of all required improvements, and shall warrant the design, material, workmanship, installation, and/or construction of such improvements for a period of four years from and after satisfactory completion for all work associated with pavement, grading, sanitary sewers, storm sewers systems and water mains. Such warranty shall be by bond or other acceptable collateral, shall be subject to review by the City Attorney, and shall specifically assure the expedient repair or replacement of defective improvements under warranty; and shall indemnify the city from any and all costs or losses resulting from, attributed to, or otherwise arising from such defective improvements. The contractor may post the required maintenance bond in lieu of the subdivider.
(Ord. 2217, passed 11-4-2013)