(A) No plat of lands shall be approved unless the person seeking the approval of the plat first furnishes the city with a good and sufficient performance bond, letter of credit, cash bond or subdivision improvement agreement, in a form approved by the City Commission after review by the City Attorney (hereinafter referred to collectively as the "Security"). If a bond is selected as the form of security to be provided to the city the bond shall be executed by the owner and a corporate surety company, satisfactory to the city. The amount of the security shall be in a sum equal to, or greater than, the estimated cost of the improvement, as a guarantee bond, plus 10%, conditional upon the construction and paving of streets, alleys, and other improvements and rights-of way shown on the plat, the installation and furnishing of street markers, necessary fill, drainage wells, culverts, gutters, sewers, and other necessary drainage facilities in accordance with the specifications of the city and within such time as may be required by the City Commission.
('69 Code, § 14-14) (Ord. 73, passed 3-1-62; Am. Ord. 995, passed 5-20-92)
(B) A bond executed by a surety company, letter of credit, cash bond or subdivision improvement agreement, in a form approved by the City Commission after review by the City Attorney (hereinafter referred to collectively as the "Security), based on an estimate by the petitioner's engineers and the city Building and Zoning Department shall be furnished by the subdivider in an amount equal to 110% of the cost of the waterway excavation. The security will be subject to the condition that the excavation will be completed within the time limit set by the City Commission for approval of the final plat and in accordance with other applicable city ordinances, including but not limited to hours of operation. In the event it is not completed, the city may proceed with the work and hold the owner and the security jointly responsible for the costs thereof. This security bond shall be in addition to the bond for improvements as set forth in division (A) of this section, shall be in a form approved by the City Commission after review by the City Attorney. If a bond is selected as the form of security to be provided to the city it shall be underwritten by a surety company satisfactory to the city.
('69 Code, § 14-15) (Ord. 127, passed 11-15-65; Am. Ord. 995, passed 5-20-92; Am. Ord. 2021-02, adopted 3-17-21; sought to be reconsidered, Commission passed 4-21-2021)