A. Such bonds, provided to guarantee the installation and maintenance of the required improvements, shall:
1. Be in favor of the City;
2. Be in an amount equal to one hundred percent (100%) of the cost of improvements, installations, and reasonable maintenance thereof, as approved by the City Council; and
3. Provide conditions satisfactory to the Planning Commission and the City Council.
B. Performance bonds shall be in force until and terminate ninety (90) days after the filing with the City Council of a completion affidavit obtained from the City Building Official, unless within the ninety (90) days the Building Official determines that the requirements, standards, and specifications of these standards applicable to the construction, installation, and completion of the improvements have not been met. In such case, the Building Official shall notify the applicant in writing, by registered or certified mail, and the bond shall continue to run until the filing of proof that the deficiencies have been corrected and all standards met. The performance bond shall not be released until required as built plans and specifications are received by the City.
C. Maintenance bonds shall run for a period of one (1) year from the date of release of the performance bond.
(Code 1991, § 12-471)