10.50.033 Maintenance bond.
The required public improvements shall not be considered completed until the final plat is accepted by the city council. The public works director shall furnish to the city council a written report and recommendation on public improvements within the subdivision. The city council shall not accept the completion of the improvements until the city has been furnished a surety bond, or other secure financial method, in the amount of fifteen percent of the cost of the improvements to guarantee against defects of workmanship and materials in the public improvement for a period of two years from the date of final plat recording. The bond shall secure against any costs incurred by the city in correcting the defects in workmanship and material, including but not limited to:
(1) Any and all services performed by city employees in field inspection of construction of improvements, at one hundred percent of the direct salary cost, plus thirty-five percent of such costs for overhead and fringe benefits;
(2) Any outside consultants retained by the city to evaluate any inspection or services necessary to correct defects in workmanship and material in the public improvements. (Ord. 2173, § 2 (Exh. A), 2022.)