Title 17D City-wide Standards
Chapter 17D.020 Financial Guarantees
Section 17D.020.110 Use of Proceeds – Refund of Excess – Charge for All Costs
The applicant and property owner shall be jointly and severally responsible for all costs incurred by the City in doing the work and making the improvements covered by the financial guarantee. The City shall release or refund any proceeds of a performance guarantee remaining after subtracting all costs for doing the work or making the improvements covered by the performance guarantee. The City shall release or refund any proceeds of a performance/warranty retainer remaining at the end of the time covered by the performance/warranty retainer, after subtracting all costs for doing the work covered by the performance/warranty retainer. The owner of the subject property shall reimburse the City for any amount expended by the city that exceeds the proceeds of either financial guarantee.
Date Passed: Monday, February 21, 2005
Effective Date: Wednesday, March 30, 2005
ORD C33582 Section 2
