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905.04 BOND FOR IMPROVEMENTS; FEES AND INSURANCE.
Before the approval of the final plat, the owner or developer shall agree in writing that prior to construction of any private road, he shall provide a bond acceptable to the City, or a certified check, guaranteeing the completion of the private road within one year from the date of agreement or such further time as may be agreed to by the Director of Public Service. The bond or check shall be in an amount equal to the estimated cost of constructing the private road improvements as approved by the City Engineer and the Director of Public Service.
The owner or developer shall, prior to construction, deposit with the City Treasurer a sum of money as prescribed by the Director of Public Service to defray the cost of inspection and the engineering services provided and any expense incurred by the City due to the installation of the improvement and review of the plat and plans. Should the amount of the deposit be insufficient to pay the cost thereof, the owner or developer shall immediately, upon demand, deposit such additional sums as are estimated by the Director to be necessary. Upon completion and acceptance of the improvement, any unexpended balance remaining from such deposits shall be refunded. (Ord. 42-66. Passed 5-17-66.)