(a) Prior to beginning construction, the owner or developer shall provide a bond, letter of credit acceptable to the City, or a certified check, guaranteeing the work of preserving and/or restoring and maintaining Natural Features. The bond, letter of credit or check shall be in an amount equal to the estimated cost of the work of preserving and/or restoring and maintaining Natural Features, and the same shall be released upon acceptance of the Natural Features work by the City and upon the furnishing by the owner or developer of an additional bond or letter of credit acceptable to the City, or a certified check in an amount equal to ten percent (10%) of the estimated cost of the Natural Features work to guarantee maintenance of the Improvements and the Natural Features work for a period of one year.
(b) The owner or developer shall, prior to beginning construction, deposit with the Director of Finance a sum of money as prescribed by the City Engineer to defray the cost of inspection and whatever engineering services may be required, and expense incurred by the City in the installation of any public improvements. Should the amount of such deposit be insufficient to pay the cost thereof, the 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 deposit or deposits shall be refunded.
(Ord. 04-2013. Passed 2-19-13.)