All improvements required by the Planning Board
shall, prior to the release of performance guaranties, be covered
by a maintenance bond running in favor of the City in the amount of
15% of the estimated cost of improvements, as determined by the City
Engineer. Said bond shall run for a period of two years following
acceptance by the City and shall provide for proper repair and/or
replacement during this period. In the event that all improvements
have been completed prior to granting of final approval by the Planning
Board, the maintenance bond shall be posted before final plat approval.
Maintenance bonds will be approved as to form by the City Solicitor.