In lieu of the completion or installation of any or all of the
improvement requirements, and before issuance of a building permit,
the city may accept a cash deposit or surety bond to secure to the
city the actual cost plus ten percent (10%) of such improvements as
estimated by the engineer. All bonds must be made payable to the city
by a company legally authorized to do business in the State of Texas,
and approved by the city attorney or [of] said city.
(2001 Code, sec. 10.903)
The subdivider shall furnish the city with an affidavit or complete
release from the contractor, stating that all cost incurred against
the required improvements have been paid by same, and also that said
cost of improvements shall never constitute a liability against the
city or individual property owners.
(2001 Code, sec. 10.904)