Chapter 17.10
BONDS

Sections:

17.10.000    Bond required.

17.10.000 Bond required.

A. Site Improvement Bond. Before the community development director approves the issuance of a building permit, or occupancy permit, for a change of use for any proposal for which the city council, a city board or commission, or a city department has required site improvements, the developer or owner of the property involved shall provide the community development director with a performance bond, or similar security, to ensure that the required site improvements are completed before the building is occupied or the use begins. The bond shall be based on the full cost of all required site improvements, including drainage and landscaping.

B. Maintenance Bond. Before the community development director approves release of a site improvement bond, the developer or owner shall provide a bond, or similar security, for 15 percent of the amount of the site improvement bond to ensure the maintenance of the site improvements for two years after the site improvement bond is released.

C. Release of Bond. The community development director shall release the site improvement bond only after every affected city department has stated in writing that the site improvements are complete and satisfactory, and the developer or owner has provided the required maintenance bond.

D. Other Bonds. When other bonds are required, as for a subdivision, they shall be provided to the community development director. When a proposal involves more than one bond, all bonds shall be provided before any work or occupancy begins. No bonds shall be released by the community development director until work covered by all bonds has been satisfactorily completed.

E. Bond Procedure. The community development director shall adopt rules for bond amount determination, time limits, alternate acceptable securities, release of portions of bonds on completion of phases of work, additional bond amounts for extensions of time, and related matters. The community development director may refer matters under the scope of this chapter to the appropriate department or division of the city for processing, approval, retainage and release.