Upon completion of all required improvements and installations, but prior to the acceptance of such improvements and installations for public maintenance, the subdivider shall provide a three year maintenance bond, with the subdivider or some other person satisfactory to the Plan Commission as principal, which shall:
(1) Run jointly and severally to the Town Council and the Plan Commission;
(2) Be in an amount equal to 10% of the amount of the performance bond for the improvements and installations subject to the maintenance bond;
(3) Provide surety satisfactory to the Plan Commission;
(4) Warrant the workmanship and materials used in the construction, installation and completion of said improvements and installations to be of good quality and have been constructed and completed in a workmanlike manner in accordance with the standards, specifications and requirements of this ordinance and the satisfactory construction plans and specifications therefore submitted to the Director of the Department of Planning and Zoning;
(5) Provide that for a period of three years after formal acceptance, the subdivider shall, at the subdivider’s expense, make all repairs to said improvements and installations, or the foundations thereof, which may become necessary by reason of improper workmanship or materials, but not including any damage to said improvements and installations resulting from forces or circumstances beyond the control of said subdivider or occasioned by the inadequacy of the standards, specifications or requirements of this ordinance;
(6) Maintenance bonds shall be filed on forms approved for use by the Plan Commission; and
(7) The beneficiary of all maintenance bonds shall be the Town Council.
(Ord. 22-97, passed - -1997)