Ord 1999-079 - Laserfiche WebLink

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recordation of the final plat, he may utilize one of the following methods of posting security. If the subdivider chooses to file security, the plat shall not be recorded unless the subdivider has one of the following: I. Performance bond. Has filed with the city attorney planning and zoning connnission a bond executed by a surety company holding a license to do business in the state and acceptable to the city, on the form provided by the city, in an amount equal to the cost of the improvements required by this chapter and within the time for completion of the improvements as estimated by the director of engineering public, wOlks. The performance bond shall be approved as to form and legality by the city attorney. 2. Trust agreement. Has placed on deposit in a bank or trust company, in the name ofthe city and approved by the city, in a trust account, a sum of money equal to 125 per cent of the estimated cost of all site improvements as required by this chapter, the cost and time of completion as approved Gstimatc.d by the director of engineering public. works. The selection of the trustee shall be subj ect to approval by the city, and the trust agreement shall be executed on the form provided by the city and approved as to form and legality by the city attorney. Periodic withdrawals may be made from the trust account for a progressive payment of installation costs. The amounts of withdrawals shall be based upon progress and work estimates approved by the director of public works and the director of water and wastewater. All withdrawals shall be approved by the trustee. 3. Unconditional guarantee from local bank or local federally insured savings and loan association or other financial institution as approved by city. Has filed with the city attorney planning and roning commission a letter on the form provided by the city, signed by a principal officer of a local bank or local federally insured savings and loan association or other financial institution, acceptable to the city, agreeing to pay to the city, on demand, a sum of money equal to 125 per cent of the estimated costs of installation of all improvements required by this chapter and to be applied to installing the improvements for which the subdivider or developer is responsible under this chapter. The guaranteed payment sum shall be estimated costs and scheduling as approved pleparcd by the director of engineering public wOlk5. The letter shall state the name of the subdivision and shall list the improvements for which the subdivider or developer is required to provide. h. If the subdivider chooses to construct the required improvements prior to recordation of fmal plat, all construction shall be inspected while in progress by the director of public works and director of water and wastewater, and must be approved upon completion by the director of public works and director of water and wastewater. A certificate by those directors that officer stating that the construction conforms to the specifications and standards contained in or referred to in this chapter must be presented to the director of planning and development services planning and zoning commission prior to recordation of the final plat. 1. No plat shall be filed of record without written consent of the subdivider. If the subdivider fails to give the written consent within 30 days ofthe date of satisfaction of the requirements of subsection (g) of this section, the commission may at any time thereafter cancel the approval. (g) Subdivider's responsibilities. The following requirements shall be met or tendered to the director of planning and development services public V\'Olk5 prior to recordation: (1) Guarantee of materials and workmanship. The subdivider or developer shall require of his construction contractors with whom he contracts for furnishing materials and installing the improvements required under this chapter and shall himself be responsible for guaranteeing that all materials and workmanship in connection with the -10-