(a) Generally. Financial guarantee arrangements shall be in accordance with the City and County requirements and specifications for proposed plats.
(b) Conditions of Final Plat Approval. With respect to financial guarantees, the approval of all final subdivision plats shall be conditioned on the accomplishment of one of the following:
(1) The construction of improvements required by these Subdivision Regulations shall have been completed by the subdivider and approved by Council.
(2) Surety acceptable to the City shall have been filed in the form of a cash deposit, certified check, negotiable bond, irrevocable bank letter of credit or surety bond.
(c) Special Agreements. A special agreement shall be entered into between the subdivider and Council where street trees and street lights have been required by Council.
(d) Inspection of Public Improvements Under Construction. Before approving a final plat and construction plans and specifications for public improvements, an agreement between the subdivider and Council shall be made to provide for checking or inspecting the construction and its conformity to the submitted plans.
(e) Failure to Complete Construction. If the subdivider, in any case, fails to complete such work within such period of time as required by the conditions of the guarantee for the completion of public improvements, Council shall proceed to have such work completed. In order to accomplish this, the City shall be reimbursed for the cost and expense thereof by appropriating the cash deposit, certified check, irrevocable bank letter of credit or negotiable bond which the subdivider may have deposited in lieu of a surety bond, or may take such steps as may be necessary to require performance by the bonding or surety company, as included in a written agreement between Council and the subdivider.
(f) Maintenance Bond. Prior to the acceptance of improvements by the City, a two-year maintenance bond in an amount equal to 100 percent of the total cost shall be deposited by the proprietor. If a subdivision is developed in phases, tentative acceptance of the improvements in each phase will be made by the City for the purpose of allowing house construction, property sales, and occupancy. Final acceptance of the improvements will not be granted until all phases of the subdivision are completed satisfactorily. The required two-year maintenance bond shall commence to run at that time and shall cover the improvements in all the phases of the subdivision.
(Ord. 260. Passed 12-7-77; Ord. 794. Passed 7-28-04.)