The developer and/or contractor shall enter into a contract to construct, reconstruct, or replace any street or public utility in the City and shall guarantee the project to be free from defects in materials or workmanship for a period of two years from the date of acceptance of the project by the City.
To secure the guarantee, the developer or contractor shall deposit an amount equal to twenty-five percent (25%) of the improvement cost, which amount shall be determined by the City Engineer.
The deposit shall be a maintenance bond with the developer or contractor as principal, and with an insurance company holding a certificate of authority from the State of Ohio Department of Insurance authorizing the company to transact business in the State of Ohio as authorized by Section 3929.01(A) of the Ohio Revised Code; a certified check; bank check; or a letter of credit. Any deposit provided in compliance with this section shall be approved by the Law Director.
(Ord. 2013-32. Passed 4-2-13.)