Appendix 208. PERFORMANCE BONDS

208.1

If all of the improvements have not been installed or completed and the developer wishes to record the transparent plastic film, the City Manager or Governmental Engineer at his discretion, may waive the requirement that the developer complete and dedicate all public improvements prior to the signing of the plat, and require the developer to post a corporate surety bond, or a cash bond, or a cashier's check with the City Manager or Governmental Engineer in an amount as determined by the Governmental Engineer which will be sufficient to secure to the local government the satisfactory construction, installation, and dedication of the uncompleted portion of the required improvements. The performance bond shall also secure all lot improvements on the individual lots of the subdivision as required in these regulations and on the plat. Such performance bond shall comply with all statutory requirements and shall be satisfactory to the local government attorney as to form, sufficiency, and manner of execution as set forth in these regulations. The period within which required improvements must be completed shall be specified by the City Manager or local Governmental Engineer and shall be incorporated in the bond, and shall not in any event exceed two (2) years from date of final plat approval by the Planning Commission.

Such bond shall be approved by the City Manager and Governmental Engineer as to amount and surety and conditions satisfactory to the City Manager and Governmental Engineer or City Manager may extend the completion date set forth in such bond for a maximum period of two (2) additional years.

The performance bond shall be released when the street(s) is accepted and when the other construction, installation and dedication is completed.