A. Guarantee Requirements: The owner shall provide the City with a certified check or cashier's check, letter of credit or a surety bond, payable to the City in the amount of one hundred percent (100%) of the cost of the improvement, as estimated by the owner, and approved by the City Engineer to assure the satisfactory installation of said improvements as outlined and contained in the approved plans and specifications. If the owner posts a surety bond, it shall have good and sufficient surety therein and be approved by the City Attorney. Until official acceptance of the work, the owner shall be responsible for all maintenance of all required improvements. (1988 Code §24.404)
B. Release or Guarantee: The owner's certified check or cashier's check, letter of credit or surety bond shall be released only upon the completion of the following:
1. The satisfactory installation of all street and sidewalk improvements.
2. The submission of four (4) sets of approved "as-built" plans for all street and sidewalk improvements, including one mylar copy.
3. The submission of final waiver of liens for all materials and labor necessary for the installation of all street and sidewalk improvements.
4. Final acceptance by the City Council. (1988 Code §24.411)