If the Planning Board shall decide at any time during the term
of the performance bond that: the extent of building development which
has taken place in the subdivision is not sufficient to warrant all
the improvements covered by such performance bond; or that improvements
have been installed in accordance with the General City Law and as
required by the Planning Board in sufficient amount to warrant reduction
in the face amount of such bond; or that the character and extent
of such development requires additional improvements previously waived
for a period stated at the time of fixing the original terms of such
bond; then the Planning Board may modify its requirements for any
or all such improvements, and the face value of such performance bond
shall thereupon be reduced or increased by an appropriate amount so
that the new face value will cover the cost in full of the amended
list of improvements required by the Planning Board, and any security
deposited with the bond may be reduced or increased proportionately.
In the event that any improvements have not been installed as
required by the Planning Board within the term of such performance
bond, the City Council may thereupon declare such bond to be in default
and collect the sum remaining payable thereunder; and upon receipt
of the proceeds thereof, the City shall install the improvements covered
by such bond which are commensurate with the extent of building development
that has taken place in the subdivision, but not exceeding in cost
the amount of such proceeds.
[Amended 8-17-2017 by L.L. No. 3-2017]
If the Planning Board or the City Planner shall find upon inspection
that any of the required improvements have not been constructed in
accordance with the plats and conditions approved and specified by
the Planning Board, then the subdivider and the bonding company (if
any) shall be severally and jointly liable for the costs of completing
said improvements as originally specified by the Planning Board.
[Amended 8-17-2017 by L.L. No. 3-2017]
Such performance bonds shall be released to the subdivider only
upon certification by the City Planner that all required improvements
have been satisfactorily completed.
