(A) On approval of required improvements, a maintenance bond shall be filed with the City Clerk on approved city bond forms guaranteeing repair of defects in construction of the improvements for a period of one year.
(B) The maintenance bond shall be for the sum of 15% of the estimated cost of construction as determined by the subdivider's engineer and approved by the City Engineer.
(C) Maintenance bonds shall be secured to the city in the same manner as construction bonds, see § 154.22(D).
(D) The City Council shall release maintenance bonds and the surety thereon with interest, if any, on satisfaction of the conditions of the bond.
(Ord. 81-0-19, passed 5-11-81; Am. Ord. 2011-O-4, passed 3-14-11)