Ordinance 514-78 - Laserfiche WebLink

. 1 (a) Performance Bond Prior to commencing construction, the developer 2 constructing the facility shall post a performance bond in an amount of 120% 3 of the cost of construction per the approved drainage plans. After deter- 4 mination by the City Engineer that all facilities are constructed in compliance 5 with the approved plans, the performance bond shall be released. Alternatively, 6 an equivalent cash deposit to an escrow account administered by a local bank 7 designated by the City may be acceptable. 8 (b) Maintenance Warranty Bonds After satisfactory completion of the 9 facilities and release of the performance bond by the City, the developer 10 constructing the facility shall commence a two (2) year period of satisfactory 11 maintenance of the facility. A warranty bond to be used at the discretion of 12 the City Engineer to correct deficiencies in said maintenance affecting public 13 health, safety and welfare must be posted and maintained throughout the two 14 year maintenance period. The amount of the warranty bond shall be ten percent 15 of the estimated construction cost of the drainage facilities. In addition, 16 the warranty bond shall cover the cost of design defects and/or failures in 17 workmanship of the facilities throughout the two year maintenance period. 18 Alternatively, an equivalent cash deposit to an escrow account administered 19 by a local bank designated by the City may be acceptable. 20 (c) Liability Policy The developer constructing the facility shall 21 maintain a liability policy in the amount of two hundred thousand dollars 22 i; per individual, five hundred thousand dollars per occurrence, and one 23 4 hundred thousand dollars property damage, which shall name the City as an 24 additional insured and which shall protect the City from any liability up 25 to those amounts for any accident, negligence, failure of the facility, or 26 any other liability whatsoever, relating to the construction or maintenance 27 of the facility. Said liability policy shall be maintained for the duration 28 of the facility by the owner of the facility, provided that in the case of 29 facilities assumed by the City for maintenance pursuant to Section 10 of 30 f this ordinance, said liability policy shall be terminated when City Council 31 accepts the facility and City maintenance responsibility commences. 32 1 10