16-28-020 IMPROVEMENTS: PERFORMANCE BONDS

A. The subdivider may, in lieu of the actual completion of the improvements listed in this chapter, file with the City Recorder a surety or cash bond to assure the actual construction of such improvements within a period of two (2) years in a satisfactory manner. This surety of cash bond shall be issued in the amount of one hundred twenty five percent (125%) of the costs of improvements not previously accepted by the municipality. The amount of the bond shall be estimated by the City Engineer and shall be sufficient to warrant that required infrastructure, in the subdivision not previously accepted by the municipality, can be completed with the bond funds. B. Upon completion of the improvements for which a surety or cash bond has been filed, the subdivider shall call for inspection by the City. Inspections shall be made within fifteen (15) days from the date of the request. If inspection shows that City standards have been met in the completion of such improvements, the performance portion of the bonds (100 percent of the cost of the improvements) shall be released within seven (7) days from the time of inspection; the remaining amount of the bond shall remain in effect as required by section 16-28-080 below. Any claims asserted by subcontractors, suppliers, etc. for materials and/or labor may be attached to the bond before they are released. If the bonds are not released, refusal to release and the reasons therefore shall be given the subdivider in writing within seven days from the time of the inspection. (Ord. 2002-04, 2002)