Upon approval by the City Council of the final map, the subdivider shall execute and file an agreement with the City specifying the period within which the subdivider shall complete all improvement work to the satisfaction of the public works director and providing that upon failure to complete such work within such period, the City may complete the same and recover the full cost and expense thereof from the subdivider. The agreement shall also provide for inspection of all improvements by the public works director and reimbursement to the City for the cost of such inspection by the subdivider. Such agreement may also provide for:
A. 
The construction of the improvements in phases.
B. 
An extension of time under conditions therein specified.
C. 
The termination of the agreement upon the completion of proceedings under an assessment district act for the construction of improvements deemed by the public works director to be at least the equivalent of the improvements specified in the agreement and required to be constructed by the subdivider.
D. 
Progress payments to the subdivider from any deposit money which the subdivider may have made in lieu of providing a surety bond; provided, however, that no such progress payment shall be made for more than 90 percent of the value of any installment of work; and provided, that each such installment of work shall be completed to the satisfaction of the public works director.
E. 
Any other requirements or provisions as deemed prudent or appropriate by the public works director based on the specific circumstances of the approved subdivision; provided, that such requirements or provisions are otherwise in accordance with the Map Act, this chapter, and other applicable laws.
(Ord. 1085 § 1, 2009)
The subdivider shall also file with the required agreement(s), to assure full and faithful performance thereof, a performance bond for such sum as is deemed by the public works director to be sufficient to cover the cost of such improvements and inspection. Subdivider shall also be required to file a payment bond for such sum as is deemed by the public works director to be sufficient to cover the cost of labor and material necessary to complete such improvements. Such bond shall be executed by a surety company authorized to transact a surety business in this state and shall be satisfactory to and be approved by the City attorney. In lieu of a performance bond, the subdivider may deposit with the City cash in an amount as deemed sufficient by the public works director.
(Ord. 1085 § 1, 2009)
In the event the subdivider shall fail to complete all improvement work in accordance with the provisions of this chapter and the City shall have completed the same, or if the subdivider shall fail to reimburse the City for the cost of inspection, the City shall call on the surety for reimbursement or shall appropriate from any cash deposit, funds for reimbursement. In any such case, if the amount of surety bond or cash deposit shall exceed all cost and expense incurred by the City, it shall release the remainder of such bond or cash deposit and if the amount of the surety bond or cash deposit shall be less than the cost and expense incurred by the City, the subdivider shall be liable to the City for such difference.
(Ord. 1085 § 1, 2009)