(A) The subdivider shall furnish performance and payment bonds in the amount of 100% of the contract price of all public improvements from a reputable and solvent corporate surety in favor of the city for a period of one year from the date of final acceptance of the improvements. Construction of improvements shall not begin until bonds are furnished to the city.
(B) If any of the public facilities fail to meet the requirements of the chapter or if the developer fails to complete the improvements according to the approved plat and construction plans, the deficiencies and unfinished improvements shall be completed at the cost and expense of the surety as provided.
(Ord. 933, passed 8-9-05) Penalty, see § 153.999