§ 21-107. Maintenance guaranty.

The city shall require the developer or contractor to file a maintenance guaranty before the release of the one hundred (100) per cent performance guaranty. The maintenance guaranty shall be in an amount of five thousand dollars ($5,000.00) or fifteen (15) per cent of the original guaranty, whichever is greater, as required by the director of public works and the city engineer. Such maintenance guaranty shall be in one (1) of the forms specified for a performance bond. The maintenance guaranty shall remain in effect for a period of one (1) year from the date of street acceptance by the city council and shall be a guarantee that any damage to the accepted street and its appurtenances shall be repaired and that at the end of the one (1) year, such street shall be in the condition it was when the street was accepted.

(Code 1960, § 49-2.16; Ord. of 2-3-70; Ord. of 4-10-01)