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1105.04 BOND FOR IMPROVEMENTS.
Before the approval of the final plat, the owner or developer shall agree in writing that prior to construction of any street or private road, he shall provide a bond or an irrevocable Letter of Credit acceptable to the City, or a certified cheek, guaranteeing the completion of the street improvement or private roadway 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, irrevocable Letter of Credit or check shall be in the amount equal to the estimated cost of constructing the private road improvements as approved by the City Engineer and the Director of Public Service. A maintenance bond, an irrevocable Letter of Credit or a certified check in the amount of five percent of the preliminary estimate or final construction cost shall be provided for a maintenance period of one year beginning with the date of acceptance of the street improvements by Council.
In lieu of bond for sanitary sewer and water main improvements, the City may accept private agreements for sanitary sewer and water main construction and maintenance. Such agreements shall be executed on forms approved and supplied by the City.
(Ord. 61-96. Passed 9-17-96.)