A. The applicant shall deposit with the City a maintenance bond or similar surety that warrants the successful operation of all required plat improvements, and that warrants against defects in labor and material and any damage caused by construction activity.
B. The maintenance bond shall be valid for two (2) years from City acceptance of all required improvements, which may or may not coincide with final plat approval as provided in SMC 14.215.060.
C. The bond or other surety shall be submitted with the final plat application and shall be ten (10) percent of the City Engineer estimated value of all required plat improvements.
D. The maintenance bond or other approved surety shall be in addition to any performance bond as provided in SMC 14.215.060.
E. The City Attorney shall approve the form, sufficiency, and manner of execution of the maintenance bond.
F. Upon the termination of the warranty period, and after any necessary restoration or repair of improvements, the City shall authorize the release of the maintenance bond; provided, that the City may withhold release of the bond up to one (1) year from the date of any restoration or repairs to ensure adequacy. (Ord. 2353, 2018)