§ 42-26. Guarantee of performance.

Upon approval of the preliminary plat, but prior to any construction beginning, the subdivider shall file a performance bond made payable to the presiding officer of the council, executed by a surety company holding a license to do business in the state and acceptable to the council, in an amount equal to 100 percent of the cost of the improvements required, as estimated by the engineer of record, conditioned that the subdivider will maintain such improvements in good condition for a period of two years after approval of the final plat for recording. Such bond shall be approved as to form and legality by the city attorney. To the extent the subdivider intends to develop the subdivision in phases and such phases approved by council and identified in the preliminary plat, a performance bond will only be required for the phase or phases in which construction is being performed.

(Ord. No. 05-1162, § 11(A), 3-28-2005; Ord. No. 12-1193, § 2, 9-10-2012; Ord. No. 15-1212, § 2(Exh. 1), 7-13-2015)