Portola Municipal Code Ch. 16.28 Improvement Bond

If the improvement work required under Chapters 16.12 through 16.24 is not completed satisfactorily before the final map is filed, the owners of the subdivision shall, concurrently with the approval of such map, enter into an agreement with the city council, agreeing to have the work completed within the time specified in said agreement, and specifying that should such work not be satisfactorily completed within the time limit, the city may complete all specified improvements and recover the cost thereof from the subdivider. Said agreement may provide for the improvements to be installed in units, for extensions of time under specific conditions, or for the termination of the agreement upon a reversion of the subdivision or a part thereof to acreage. Such agreement shall be secured by a good and sufficient bond or cash deposit, which bond or cash deposit shall be in an amount to cover the estimated cost of improvement. However, the subdivider, in lieu of the agreement to construct improvements and the bond or cash deposit to secure it, may enter into a contract with the city council secured by a faithful performance bond or cash deposit in an amount not to exceed the estimated cost of the improvement, by which he agrees within such time as may be provided in the contract, to initiate and to consummate proceedings under an appropriate special easement act for the formation of a special assessment district covering the subdivision or part thereof, for financing and construction of the designated improvements.

(Ord. 146 § 3.5, 1975)