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(a) The developer shall submit to the City Engineer at the time of acceptance of dedication a contractor's bond equal to 10% for warranty and maintenance of the improvements for 2 years from and after the date of acceptance of dedication.
(b) These funds are to be used by the City where, at the discretion of the City Engineer, any defect with the improvements is discovered to the public improvements during the warranty period and the contractor fails to make immediate and necessary repairs.
(c) The developer shall deposit a cash bond equal to 5% of the total cost of the public improvements installed as part of approved subdivision plans. The bond funds shall be used for the cost of repairing any defects in the improvements not covered by the 10% contractors bond.
(d) This cash bond shall remain in place until 90% of the subdivision building lots have been completed with residences, but no later than 2 years from dedication, after inspection and approval of the City Engineer, said 2 year period being defined in subsection (a) hereof.
(e) In the event the inspection by the City is not approved by the City Engineer, the cash bond shall remain in place for an additional year, renewable annually, until all deficiencies have been corrected or repaired at Developer's cost as determined by the City Engineer.
(Ord. 98-114. Passed 9-1-98; Ord. 04-133. Passed 6-1-04; Ord. 10-42. Passed 3-16-10; Ord. 11-82. Passed 7-19-11.)