The Planning Commission may prepare, adopt and distribute standard forms from time to time for the execution of construction agreements, posting of bonds, title insurance, inspection fees and other administrative procedures essential to the carrying out of this chapter. However, the following criteria is hereby adopted for performance bonds, maintenance bonds and indemnity insurance:
(a) Performance Bond.
(1) One hundred ten percent of the Engineer's estimate of the cost of construction of the storm and sanitary sewers, water systems, streets, sidewalks, street lighting systems and facilities and appurtenances thereto;
(2) An amount, as determined by the Engineer, to cover the engineering fee commensurate with the work performed; and
(3) An amount, as determined by the Engineer, to cover the inspection fee.
(b) Maintenance Bond. The maintenance bond shall be of such amount as determined by the Engineer and for such periods for each improvement as follows:
(1) Streets, sidewalks, pavement and facilities appurtenant thereto: two years from the date of acceptance by the City of such facilities;
(2) Storm and sanitary sewers, water systems, street lighting systems and facilities appurtenant thereto: two years from the date of acceptance by the City of such facilities and appurtenances; or
(3) Temporary roads: in an amount determined by the Engineer and for a period of time as determined by the Council.
(c) Insurance. The subdivider shall furnish such insurance as is deemed necessary by the Council which shall indemnify and save harmless the City from any all liability arising by reason of the unimproved conditions of the streets of such subdivision which may arise or grow out of the construction or installation of such facilities when undertaken. The insurance shall be of such duration as determined by the Council, but shall in no case be allowed to expire earlier than the effective period of any maintenance bond. A copy of the insurance policy shall remain at all times with the Clerk of Council.
(Ord. 120-91. Passed 8-9-93.)