(a) Upon the completion of any improvement of any proposed public street or right of way within the Municipality, by constructing or installing water mains, storm sewers, sanitary sewers, paving, grading, curbing or other improvement therein, the person, firm or corporation offering the same for acceptance, shall give or secure to be given a bond to the Municipality issued by a surety company authorized to do business in the State of Ohio as surety conditioned upon the maintenance of the improvement or improvements to be dedicated or accepted, for a period of not less than two years from and after dedication or acceptance by Council of such improvements, as may be required by the circumstances of the particular case of improvement.
(b) When Council, in its sole discretion, finds and determines that it is in the public interest to accept a proposed public easement or right of way within the Municipality prior to the completion of all required improvements therein, then Council may accept such easement or public right of way provided that the person, firm or corporation offering the same for acceptance shall give a bond to the Municipality issued by a surety company authorized to do business in the State of Ohio as surety conditioned upon the full completion of the improvements to be constructed and/or installed in such easement or right of way within a time period fixed by Council and conditioned upon the maintenance of such improvements for a period of not less than two years from and after the date of acceptance of such completed improvements by Council, as may be required by the circumstances of the particular case of improvement.
(c) Any bond issued under this section shall be in a form approved by the Law Director and in such amount as may be determined by the Engineer to be required in each particular case, to protect the interests of the Municipality and its inhabitants or property owners in the improvement or improvements concerned, provided that any bond securing or guaranteeing the completion of such improvements shall be no less than one hundred percent (100%) of the estimated cost of completing any such improvements as determined by the City Engineer, and any bond securing or guaranteeing the maintenance of such improvement(s) shall be no less than ten percent (10%) of the cost of such improvement(s). Upon approval by Council, a person, firm or corporation offering or dedicating land or improvements shall have the option of depositing in escrow with the Director of Finance, money in the amount fixed as hereinabove provided, in lieu of giving a required bond. The conditions of any bond or other approved form of security hereunder may be joined in a document with other conditions which assure or guarantee other commitments or duties of a developer to the Municipality.
(d) Nothing in these regulations shall be construed to limit or impair the right of the Municipality to require such bonds, in such amounts and containing such terms, provisions and conditions as may be deemed necessary by Council, in instances of any improvements constructed or installed by the Municipality, under the direction of the officials charged by law with the responsibility therefor.
(Ord. 1992-173. Passed 2-16-93.)
(Ord. 1992-173. Passed 2-16-93.)