(A) When the Council is prepared to approve a plat and plan, the owner or developer shall post a surety bond running to the city in the amount of one and one-half times the estimated cost of the construction and installation of the improvements for which the owner or developer is responsible under the subdivider’s contract, conditioned that the owner or subdivider shall comply with the provisions of this chapter and shall faithfully perform and complete the construction and installation of the improvements for which he or she is responsible under the subdivider’s contract within the time allotted by said contract.
(B) The bond shall be approved as to form and content by the attorney and generally by the Council. Cash or a certified check in same amount as the surety bond may be substituted for the surety bond upon the same conditions.
(C) When the owner or developer proposes to complete the project in installments, and the city has not been asked to contribute to said development, the bond may, by Council approval, be for the portion of said work to be done rather than for the whole project.
(Ord. passed 7-21-99)