The bond posted by the builder pursuant to this chapter shall not be returned to the builder so long as the builder is indebted to the City for utility services, permits, fees, income taxes or for any other obligation imposed by the ordinances or regulations of the City. To the extent that the bond is not applied to the completion of work pursuant to Section 1321.01, it shall be applied to payment of the obligations of the builder to the City and the balance, if any, shall then be returned to the builder. The bond of any builder shall be applied to all obligations of the builder to the City, whether or not such obligations were incurred in connection with the project for which the bond was posted.
(Ord. 80-54. Passed 10-7-80.)