§ 24.20.050. Performance bond; acceptance of improvements.

A performance bond, to be approved by the risk manager, in the amount of 100 percent of the estimated construction cost, shall be required from the permittee or his contractor to provide assurance that the construction of the improvement will be completed. The municipality will accept improved streets, avenues, alleys, ways, drives, courts and roads after completion and upon approval of construction, and after all plan checking and inspection fees have been paid. In addition, acceptance will be conditioned upon posting of a warranty bond in the amount of 50 percent of the construction costs with and in favor of the municipality assuring the repair and correction of defects that may appear within two years of the date of acceptance. However, no street maintenance will be performed unless the completed improvement is within a road maintenance service area. The provisions of this section are not applicable to work performed under the provisions of chapter 21.87, nor does anything in this section lessen the applicability of section 24.50.020.B or chapter 24.80 to the permittee or to any other person.

(GAAB 25.15.030)