(A) Before any improvement is accepted or any responsibility is assumed by the city, a guarantee by the developer or owner in an amount equal to 10% of the cost of the improvement as determined by the City Engineer shall be furnished in the form of a bond, certified check, cashier's check, letter of credit, cash or other security subject to the approval of the city council, and kept on file in the office of the city clerk. The guarantee shall assure the correction of any defect or failure from any cause whatsoever appearing in any public improvement, as shown on the detailed improvement plans, or an improvement required under §§ 150.10 through 150.14, §§ 150.20 through 150.22, and §§ 150.30 through 150.35. The guarantee shall apply for two years after acceptance.
(B) The guarantee provided, as required by division (A) of this section, shall reimburse the city for any and all legal, engineering, and administrative expenses incurred in collecting money from the bond company or any other source in the event such collection is necessary.
(Ord. 26-1978, passed 6-21-78; Am. Ord. 37-1990, passed 5-16-90; Am. Ord. 40-2010, passed 12-15-10)