§ 151.14. Performance bond.

A.

The allotter may, in lieu of the actual completion of the improvements required by this chapter, furnish security satisfactory to the City in the form of cash, certified check, or performance security bond, guaranteeing to the City that improvements specified in this chapter will be completed within twenty-four months or such lesser period of time as the City may specify after the approval of the allotment. The amount of such bond or security shall be determined from the latest available cost experience of the City for improvements of the type and kind contemplated. If monuments referred to above have not been set when the plat is ready to be accepted, the bond in lieu of performance may include an item to cover the cost of setting of such monuments at the rate of fifty dollars per monument. If the monuments have not been set within three months after the expiration of the time limit fixed by the bond for the grading and construction of the streets, the City Planning Commission may cause such monuments to be set and the cost thereof shall be assessed against the bond in lieu of performance and the bond shall so provide. In lieu of covering the monuments in this bond, the allotter may, at his option, give the Commission a certified check made payable to the City or a cash deposit to cover the setting of the monuments at the rate of fifty dollars per monument, which check or cash will be refunded on the completion of the setting of the monuments within the three months period as established above and the subdivider must make this deposit and execute an agreement with the City covering the setting of monuments before the final effective approval. A similar but separate bond shall be given to the Public Utilities Bureau to guarantee water installations in accordance with the regulations of such Bureau.

B.

Such security or bond shall be released after the improvements for which the bond has been given have been inspected by the appropriate departments of the City and found to be satisfactory and according to specifications.

(Ord. 71-1959)