§ 1. General.

The subdivider shall be responsible for the provision of all required improvements to the subdivision. This may be accomplished by either the full installation of all required improvements by the developer at the time the final plat is to be submitted to the planning commission, or by the provision of a financial guarantee of performance.

1.1.

Financial guarantee of performance. The guarantee of performance by the subdivider shall be in the form of a subdivision improvement bond, irrevocable letter of credit or certificate of deposit made payable to the City of Hoover and shall meet the following requirement:

(a)

Acceptance of guarantee. The bond, irrevocable letter of credit or certificate of deposit must be approved by the city clerk or finance director.

(b)

Value of guarantee. The bond, irrevocable letter of credit or certificate of deposit should be of an amount sufficient to cover the total cost of installing all improvements, including grading, paving of the streets and installation of all required utilities and fees encountered during execution of improvements.

1.2.

Failure to complete work. If within twelve (12) months after filing said guarantee the subdivider has not completed all necessary improvements, or if in the opinion of the planning commission any improvements have not been satisfactorily installed, the guarantee shall be used by the city to complete the improvements in satisfactory fashion, or the city may take such steps as may be necessary to require performance under the guarantee. In the event of a default as provided herein, any irrevocable letters of credit or certificates of deposit may be redeemed on behalf of the city by the city clerk, president of the city council or the mayor.

(Ord. No. 91-1070, § 1, 1-6-92; Ord. No. 94-1302, 12-19-94)