§ 7.5-36. Maintenance bond, letters of credit, and performance bond.

(a)

The developer, after completion of construction to the standards of these regulations, must obtain written approval of said construction by the city before recording the final plat or final approval by the city.

(b)

The maintenance bond or letter of credit covers the cost of maintaining the project for a period of eighteen (18) months from the date the city issues approval of the final plat or project.

(c)

The city shall determine the amount of the bond or letter of credit based upon the type of project and the total cost which shall be a minimum of twenty-five (25) percent of the total costs of the project. Maintenance bonds or letters of credit are only required for projects whose total project costs exceeds twenty thousand dollars ($20,000.00). The appropriate legal representative shall approve the bond or letter of credit as to form. The bond or letter of credit shall be payable to the City of Cartersville.

(d)

In cases where work on city right-of-way is required (i.e. Accel/decel lanes at development entrances), the city shall require a performance bond or letter of credit to cover the cost of estimated construction within the right-of-way. The performance bond or letter of credit amount shall be determined by the city engineer. The bond term will be one (1) year from the issuance of the land-disturbance permit. If the construction covered by the bond fails to be completed within this time frame, the city will access the bond and complete the work.

(e)

For all bridges to be constructed which are to be dedicated to the city, the developer shall provide a separate maintenance bond or letter of credit on the bridge structure for a period consistent with specifications listed above in sections (b) and (c).

(Ord. No. 32-98, § 1, 8-27-98; Ord. No. 04-02, § 3, 1-3-02; Ord. No. 68-04, § 7, 9-2-04; Ord. No. 46-06, § 1, 7-6-06)