Prior to the approval of the final plat, the owner or subdivider shall guarantee the completion of all required improvements by one or more of the following methods:
A. Performance Bond: The owner or subdivider may post a completion bond (performance bond) in a form satisfactory to the City Attorney with the City Clerk. Such completion bond shall be in an amount sufficient to cover one hundred twenty percent (120%) of the cost of the land improvements required by the provisions of this Title, including, but not limited to, soil preservation, final grading, lot drainage, lawn- grass, seeding, removal of debris and waste, fencing and all other lot improvements required by the Plan Commission. Said bond shall have a good and sufficient surety thereon, approved as to form by the City Attorney and conditioned upon the installation of and payment for said improvements and payment of the fees provided in Section 6-7-4 of this Title within three (3) years following the approval of the final plat. The completion bond shall also be conditioned upon the faithful performance of all provisions of this Title and the agreements executed pursuant to this Title.
B. Cash Escrow: The owner or subdivider may deposit a cash bond with the City in accordance with a specific escrow agreement approved by the City Attorney and City Engineer in an amount equal to one hundred twenty percent (120%) of the cost of the land improvements required by the provisions of this Title, including, but not limited to, soil preservation, final grading, lot drainage, lawn-grass, seeding, removal of debris and waste, fencing and all other lot improvements required by the Plan Commission. The deposit shall be held in a special account by the City and the agreement may provide for partial payouts as work progresses in amounts approved by the City Engineer as corresponding to the original estimate of costs. Provision shall be made in the escrow agreement that funds therein may be used to pay the fees provided in Section 6-7-4 of this Title if such fees have not previously been paid in accordance with the provisions of this Title and that use of said funds shall also be conditioned upon the faithful performance of all provisions of this Title and the agreements executed pursuant to this Title.
C. Exception To Bond: Upon specific permission by the City Council, as recommended by the Plan Commission, after approval of the final construction plans and specifications for the land improvements required by the provisions of this Title, including, but not limited to, soil preservation, final grading, lot drainage, lawn-grass, seeding, removal of debris and waste, fencing and all other lot improvements required by the Plan Commission, the owner or subdivider may elect to complete one or more improvements prior to approval of the final plat. Where the subdivider elects to guarantee completion of an improvement by this method, approval of the final plat shall be contingent upon certification by the City Engineer that the improvement has been completed in accordance with plans and specifications and that the inspection reports are favorable. (Ord. 0-77-02, 2-7-1977)
D. Irrevocable Letter Of Credit: In lieu of any bond or cash escrow, the owner or subdivider may furnish to the City an irrevocable letter of credit in a form approved by the City Attorney certifying that adequate funds are and will remain available at a sound and reputable, federally insured, banking institution authorized to do business in the State in an amount equal to one hundred twenty percent (120%) of the land improvements required by the provisions of these subdivision regulations, including, but not limited to, soil preservation, final grading, lot drainage, lawn-grass, seeding, removal of debris and waste, fencing and all other lot improvements required by the Plan Commission. Provisions shall be made in such irrevocable letter of credit that funds are available to pay the fees provided in Section 6-7-4 of this Title, if such fees have not previously been paid. Such irrevocable letter of credit shall be in effect for the length of time required to complete the public improvements, and in a form to allow the City to procure the funds irrevocably committed to complete the required land improvements if construction of said improvements shall be in default.
E. Refund Of Surety: There shall be no reduction of that portion of the completion bond, escrow deposit or letter of credit applying to a particular improvement, unless and until that improvement is complete and accepted or approved by the City Council, except that upon the completion of the subgrade, base course and binder course of a street, alley or parking area, the City Council, as recommended by the Plan Commission, may reduce the amount of that portion of the bond, deposit or letter of credit covering such land improvements. In no event, after a reduction, shall the remaining portion of the completion bond, cash escrow deposit or letter of credit be less than one hundred twenty percent (120%) of an updated estimate of cost of completion of the required land improvements. (Ord. 0-79-19, 4-16-1979)