All special assessment proceedings shall be in accordance with M.S. Chapter 429, as it may be amended from time to time. Provided nevertheless, that the city may, but need not, require the developer to post a bond in a penal sum determined by the City Council for the purpose of guaranteeing payment of special assessments on the lots and parcels of land included in the project that have not been sold by the developer to consumers. The amount of the bond and the required duration thereof shall be determined by the City Council after consideration of all facts and circumstances.
(Ord. 226, passed 8-19-1996)