At the time of acceptance of the improvements by the City Commission, a maintenance guarantee shall be posted by the subdivider with the City Engineer in the amount of ten percent (10%) of the cost of improvements and shall have a term of twelve (12) months from date of acceptance of improvements. Said guarantee shall be a cash deposit, irrevocable letter of credit or corporate surety bond in form approved by the City Law Director.
During the maintenance guarantee period, the subdivider shall make repairs resulting from erosion or abuse by private utility companies and shall repair all failures for all other reasons. The streets, street trees, monuments, and other improvements shall be in a condition acceptable to the City Engineer at the end of the maintenance period. If the subdivider fails to perform such maintenance to the complete satisfaction of the City, the City shall receive funds in the amount of such portion of the guarantee as is required to pay for the necessary repairs to the improvements.
(Ord. 02-176. Passed 10-28-02.)