ORDINANCES & RESOLUTIONS 1976 - Laserfiche WebLink

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--.- 1. The faithful completion of all streets, sidewalks, curbs and gutters, sewer facilities, storm drainage, street signs and lighting, fire hydrants and any and all other improve- ments outlined and shown on the final plat and accompanying data required by this Ordinance. c 2. The completion of such improvements within two (2) years from the date of such bond, 3. In a penal sum to be fixed and approved by the Commission but in no case shall such penal sum be less than 100% of the total estimated cost of all improvements and installations provided in the final plat, At the close of the two (2) year period covered by such completion bond the Commission shall be notified by the subdivider, in writing, that all improvements and installations have been completed in accor- dance with the provisions of the final plat which was approved by the Commission; such completion bond, after inspection by the Commis- sion, may be released by the Commission upon receipt by the Commis- sion of a three (3) year maintenance bond conditioned upon the following: lÞ Running to and in favor of the civil Town of Mooresville, IndianaÞ 2. In a penal sum of not less than Twenty-five Thousand Dollars ($25,000.00) per mile of streets in the subdivision to assure and guarantee the maintenance of all improvements and installa- tions, during such three (3) year period, including sewers and lift stations, pumps, motors, connections and main lines installed in the subdivision, street lights, hydrants and signs for traffic control. 3. The amount for maintenance other than streets mentioned above shall be set by the Commission but in no event shall the penal sum of such maintenance bond covering additional installations be less than 10% of the original subdivision bond filed to guarantee the completion of the proposed subdivision with improvements. '-- Upon the acceptance of all streets in the subdivision by the Trustees of the Civil Town of Mooresville, Indiana, upon recommendation by the Mooresville Plan Commission, the three (3) year maintenance bond may be released and the surety discharged for all time of further obliga- tion. Within a reasonable time after application for approval of the final plat, the Commission shall approve or disapprove it. If the Commis- sion approves the final plat, it shall affix the Commission's seal upon such final plat, together with the certifying signature of its President and Secretary. If the Commission disapproves the final -9- .--