A. Compliance; Bond: Improvements required under this title shall not be constructed prior to the final plat approval and filing of the plat in accordance with the specifications and under the supervision of the official having jurisdiction. Bond shall be provided to guarantee the performance and maintenance thereof prior to final approval of the plat.
B. Improvement And Maintenance Bonds: Said bonds shall:
1. Bond For Benefit: Be in favor of the city.
2. Amount: Be in an amount equal to one hundred percent (100%) of the cost, as estimated by a bona fide contractor approved by the city council and approved by the enforcing official, of all improvements and installations as required by this chapter and reasonable maintenance thereof; excluding, however, the cost of any said required improvements and installations which have been constructed, installed, and completed by utility companies or the city for which separate completion contracts are furnished.
3. Surety: Provide surety satisfactory to the planning commission and the city.
4. Term: Be in force until and terminate ninety (90) days after the filing with the city council of a completion affidavit obtained from the enforcing official, unless, within said ninety (90) days period, the enforcing official determines that the requirements, standards, and specifications of these standards applicable to the construction, installation and completion of said improvements and installations have not been met and notified the applicant of such determination by certified registered mail sent to the applicant's address appearing on the application for plat or lot split approval, in which event said bond shall continue to run until the filing of proof that, and the enforcing official's determination of, said standards, requirements, and specifications have been met. Maintenance bonds shall run for a period of five (5) years from the date of release of performance bond. (Ord., 3-8-1971)