The subdivider shall be required to complete all improvements and utilities required by the council, and upon completion shall dedicate such improvements and utilities to the city, free and clear of all liens and encumbrances on the property or public improvements dedicated. The subdivider shall construct and complete all required improvements and utilities under one (1) of the following two (2) procedures, as designated by the council:

    (1)     Performance contract. Prior to final plat approval, the council may require an agreement signed by the subdivider in which the subdivider guarantees completion of all required improvements within a reasonable period specified by the council. The obligations of the subdivider under the agreement shall not be assigned without the express written consent of the council. Upon the breach of any part of the agreement by the subdivider, the council may at its option pursue any legal or equitable remedy necessary to ensure completion and payment by the subdivider for the required improvements and utilities.

    (2)     Performance bond. Prior to final plat approval, the council may require a bond or such other surety as it may deem appropriate to secure such construction to be completed within a reasonable period specified by the council and expressed in the bond or other surety, in an amount and with surety and conditions satisfactory to the council.

(Code 1964, § 19.563(1); Ord. No. 10099, § 1, 3-5-84)