(A) In lieu of actual installation of the improvements required by this chapter, the subdivider may guarantee the installation thereof by one of the methods specified as follows:
(1) The subdivider may furnish and file with the City Council a bond with corporate surety, in an amount equal to the future cost of the installation of the improvements at the termination of the bonding period, as estimated by the City Engineer, to assure the installation of such improvements within a two-year, or shorter or longer, period if otherwise established by the City Council from the approval date of the subdivision plat by the City Council, which bond shall be approved by the City Council; and
(2) The subdivider may deposit in escrow, with an escrow holder approved by the City Council, an amount of money equal to the future cost of the improvements at the termination of the escrow period estimated by the City Engineer, as foresaid, under an escrow agreement to assure the installation of said improvements within a two-year, or shorter or longer, period if otherwise established by the City Council, from the approval date of the subdivision plat by the City Council, and shall be filed with the City Clerk.
(B) The documents aforesaid shall be approved as to form by the City Attorney. The Planning Commission is authorized to prescribe by administrative ruleS or regulations, forms, and procedures to ensure the orderly, regular, and efficient processing of applications for the approval of a proposed subdivision and the guarantee of improvements in strict compliance with the requirements of this chapter.
(C) Whenever the subdivider develops a subdivision a portion at a time, such development shall be in an orderly manner and in such a way that the required improvements will be made available for the full, effective, and practical use and enjoyment thereof by the lessees or grantees of any of the lands subdivided within the time hereinbefore specified.
(D) The City Council is authorized and directed from time to time, at the request of the subdivider or his or her successors in interest, to execute a release of record from the burden of the aforesaid bond, or escrow agreement, when all obligations as to which have been fully performed by the installation of the improvements.
(Ord. 3-92, passed 1-15-1992)