17.12.070 Bond.
(1) The subdivider or partitioner shall file with the agreement (per NBCC 17.12.060) to assure his or her full and faithful performance thereof one of the following:
(a) A surety bond executed by a surety company authorized to transact business in the state of Oregon in a form approved by the city attorney.
(b) A personal bond co-signed by at least one additional person together with evidence of financial responsibility and resources of those signing the bond sufficient to provide reasonable assurance of the ability to proceed in accordance with the agreement.
(c) Cash.
(2) Such assurance of full and faithful performance shall be for a sum determined by the city as sufficient to cover the cost of the improvements and repairs, including related engineering and incidental expenses, and to cover the cost of city inspections.
(3) If the subdivider or partitioner fails to carry out provisions of the agreement and the city has unreimbursed costs or expenses resulting from such failure, the city shall call the bond or cash deposit for reimbursement. If the amount of the bond or cash deposit exceeds the cost and expense incurred by the city, the city shall release the remainder. If the amount of the bond or cash deposit is less than the cost and expense incurred by the city, the subdivider shall be liable to the city for the difference. (Ord. 1947 § 1, 2005; Ord. 1758 § 7, 1990; Ord. 1175 § 17, 1961)