(a) A maintenance guarantee shall be furnished to the City in an amount equal to 10% of the value of the improvements proposed to be accepted by the City, for the following periods for each improvement and facilities appurtenant thereto:
(1) Two years, or longer with cause, from date of acceptance by the City for roads, sidewalks, and pavement, storm and sanitary sewers, water systems, street trees, street lighting systems;
(2) An amount and period determined by the City Engineer for other improvements which are intended to become the property of the City.
(b) The maintenance guarantee will guarantee that the subdivider will maintain the improvements and will restore the improvements if determined necessary by the City Engineer. The guarantee shall remain in effect until formerly released by the City Engineer.
(c) If the subdivider fails to perform maintenance or restoration, the City shall authorized performance of the work and the cost shall be deducted from the guarantee funds. The subdivider shall be liable for any maintenance or restoration costs exceeding the amount of the guarantee.
(d) After satisfactory conclusion of maintenance and restoration and conclusion of the guarantee period, the City Engineer and the City Solicitor shall authorize release of the guarantees or the portions remaining.
(e) The subdivider shall be responsible for notifying the City Engineer requesting inspection and bond release.
(Ord. 2-2004. Passed 2-23-04.)