(a) Before a building permit is issued with respect to construction within a subdivision, all required improvements shall be constructed and installed to the satisfaction of the City Engineer. If some improvements to be completed by a developer are not completed, the Engineer, in his sole discretion, may require a performance bond equal to the total cost of the improvements yet to be completed. Such bond shall set forth the City as beneficiary and shall be issued by a reputable and solvent bonding company, licensed to do business in the State and shall be deposited with the City Engineer and retained by the City until all improvements are constructed to the satisfaction of the City Engineer.
(b) After the sewer, water and paving improvements to be completed by a developer are constructed, approved and accepted for dedication, the developer shall provide the City with a two-year maintenance bond of at least ten percent (10%) of the approved estimated cost of construction. The acceptance of the dedication shall not affect the maintenance bond.
(c) The developer shall complete the construction of all improvements or repairs required to be completed by the developer within two years from the date of the permit. Otherwise, the City shall have the right to use the performance bond money to complete or repair the improvements. The aforesaid two-year period may be extended by Council for good cause shown.
(Ord. 88-60. Passed 6-7-88.)