A. Construction and Guarantee of Improvements: No building permit shall be issued until the final plat has been recorded. The final plat shall be approved by the Plan Commission and the City Council before recording, and such approval shall not be given until the subdivider has complied with the requirements of this Section.
1. Construction of Improvements: After approval of the preliminary plat, the subdivider shall present plans and specifications for all improvements to the City Engineer for approval. Upon approval by the City Engineer and by all other pertinent authorities and upon escrowing the necessary funds for City inspection during construction, the subdivider may construct and install all such improvements. On approval and certification of completion by the City Engineer of such improvements, within two (2) years after approval of the preliminary plat, the final plat shall be submitted as herein provided for approval, and upon approval, shall be recorded. If engineering plans require substantial changes from the preliminary plan, as approved, the subdivider shall revise and resubmit the preliminary plat prior to constructing the improvements for reapproval, and such resubmission shall not require the payment of additional fees.
2. Guarantee of Improvements: In lieu of actual construction of the improvements, as provided in subsection A1 above, the subdivider may post with the City Clerk cash, negotiable securities or a surety bond, with sureties acceptable to the Plan Commission and the City Council, running to the City, in amount sufficient to cover the full cost of the improvements, including the cost of furnishing inspection during construction, as estimated by the City Engineer and conditioned on the completion and acceptance by the City Engineer of all improvements within two (2) years from the approval of the final plat. Upon acceptance of such bond, approval of plans and specifications for all improvements by the City Engineer and approved by the Plan Commission and City Council of the final plat, such plat may then be recorded.
3. Agreement for Installation of Improvements: In lieu of the provisions of subsections A1 and A2 of this Section, the subdivider may submit with his plans and specifications for all improvements and his final plat, evidence of a binding agreement with a responsible contractor for the installation of all such improvements within two (2) years after the approval of the final plat, together with a performance bond, with sureties acceptable to the Plan Commission and the City Council, the plat may then be recorded.
4. Installation of Improvements by Special Assessment: In lieu of subsections A1, A2 and A3 of this Section, the subdivider may petition, in appropriate cases, for the installation for all improvements by special assessment and shall provide a purchaser for all bonds issued thereunder. On a sale of such bonds for par or more and on approval of the final plat by the Commission and the City Council, such plat may be recorded.
B. Maintenance of Improvements: The subdivider shall, in all cases, be responsible for the maintenance of all improvements for one year following their acceptance by the City and shall guarantee such maintenance by posting cash or negotiable securities in the amount of five percent (5%) of the cost of such improvements or a surety bond with sureties approved by the Plan Commission and the City Council in the amount of twenty percent (20%) of the cost of such improvements. The fulfillment of this requirement is a condition to the approval of the final plat and is in addition to the requirements of subsection A of this Section. (1976 Code §25-1-14)