No plat involving any new public street or the widening or extension thereof shall be approved until:
(a) The applicant offers evidence satisfactory to the Chief Building Inspector that title to the land being dedicated for street purposes shall be free and clear of all encumbrances; and
(b) The applicant posts a bond or other security satisfactory as to form and sureties to the Chief Building Inspector that the street, public improvements and all utilities shall be constructed according to the plans and specifications submitted, the work to be done under the supervision of the City Engineer and to his satisfaction. Such bond or other security shall be in an amount equal to one hundred percent of the cost of the proposed public improvements as estimated by the City Engineer. Upon acceptance by the City of the public improvements, such bond or other security shall be reduced to ten percent of the actual cost of the public improvements as determined by the City Engineer and shall continue in existence for a period of two years following the adoption of legislation accepting the street for maintenance and shall secure the City against defects in design and/or construction of such public improvements, appurtenances and utilities.
(Ord. 80-41. Passed 9-16-80; Ord. 2001-37. Passed 7-10-01.)