Chapter 17.45
IMPROVEMENT GUARANTEE
Sections:
17.45.010 Agreement for improvements.
17.45.010 Agreement for improvements.
Before the approval of the city is certified on the final subdivision plat or partition map, the land divider shall either install required improvements and repair existing streets and other public facilities damaged in the development of the property or execute and file with the city an agreement between himself and the city, specifying the period within which required improvements and repairs shall be completed and providing, if the work is not completed within the period specified, that the city may complete the work and recover the full cost and expense together with court costs and attorney fees necessary to collect said amounts from the land divider. The agreement shall also provide for reimbursement to the city for the cost of inspection by the city which shall not exceed 10 percent of the cost of the improvements to be installed. [Ord. 469 § 6.010, 1980].
17.45.020 Bond.
(1) The land divider shall file with the agreement, to assure his full and faithful performance thereof, one of the following:
(a) A surety bond executed by a surety company authorized to transact business in the state of Oregon in a form approved by the city attorney.
(b) A personal bond cosigned by at least one additional person together with evidence of financial responsibility and resources of those signing the bond sufficient to provide reasonable assurance of ability to proceed in accordance with the agreement.
(c) Currency or certificate of deposit to the city.
(2) Such assurance of full and faithful performance shall be for a sum approved by the city as sufficient to cover the cost of the improvements and repairs, including related engineering and incidental expenses, and to cover the cost of city inspection.
(3) If the land divider fails to carry out provisions of the agreement and the city has unreimbursed costs or expenses resulting from such failure, the city shall call on the bond or cash deposit for reimbursement. If the amount of the bond or cash deposit exceeds cost and expense incurred by the city, the city shall release the remainder. If the amount of the bond or cash deposit is less than the cost and expense incurred by the city, the land divider shall be liable to the city for the difference. [Ord. 469 § 6.020, 1980].