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SECTION 3.03- PERFORMANCE BONDS
Upon the granting of conditional final approval the Commission shall accept a performance bond in an amount sufficient as determined by the developer's engineer and approved by the Public Works Department. This performance bond agreement shall guarantee the completion of all required and remaining subdivision improvements.
A separate performance bond may be required for major subdivisions which require a substantial amount of landscaping and/or erosion and sediment control measures.
For purposes of this section a performance bond shall mean one of the following: 1.)a cash deposit in the form of a certified check; or 2.) an irrevocable letter of credit from a bank or other similar, financially stable and reputable institution subject to the approval of the Planning and Zoning Commission, the City Attorney and the Director of Finance. For the purposes of determining financial stability the Director of Finance may request financial information from the developer or the bank issuing the letter of credit. Additionally, all letters of credit upon expiration shall be renewed automatically by the issuing bank.
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