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4. In the event the subdivider is in default, the city shall be entitled to payment upon making demand for payment under the terms of the credit; further, the city shall be entitled to use all of the monies secured by the letter of credit to assure the costs of completion of the work in the subdivision as determined by the city engineer. 5. The subdivider will not be entitled to any excess monies until the work in the subdivision has been completed. 6. The terms of the letter of credit shall be limited to the time estimate offered by the engineer of record and agreed upon by the city engineer. During the estimated time, periodic status reports shall be made to the city engineer as required by the planning commission or city council. d. Peformance and payment bond. The developer may submit to the city a performance and payment bond in the amount of one-hundred-fifty percent (150%) of the approved cost to complete the improvements, as estimated by the city engineer, to complete the improvements and pay all cost of materials, equipment, labor, and services used or utilized in the construction of the facilities. Such bond shall be with a surety company entered and licensed to do business in the state of Arkansas,be in favor of the City,and specify the time for completeion and scope of improvements and installations to be covered. Personal guarantees shall not be considered as sufficient to comply with this provision. d. In certain cases,the subdivider may be allowed to contribute funds to a holding account as specified by the off-site improvements regulations. • e. Where the subdivider has chosen the option of a cash deposit or certificate of completion of improvements the maintenance irrevocable letter of credit shall be posted. Section 15.03.16. Time extensions In those instances where sufficient cause is established by the subdivider which may justify an extension of time, the subdivider may formally apply for an extension which shall only be granted by the planning commission.An application for an extension of time shall be made by the subdivider prior to default. Section 15.03.17. Inspection of improvements All projects shall be constructed according to the approved plans and specifications of a professional engineer. When the improvements required by this chapter have been completed and installed, the professional engineer shall submit a letter to the city certifying that improvements and installations have been made in accordance with approved construction plans, specifications, drawings and the standards established by the city or the county and are functioning properly. The city shall then inspect, or cause to be inspected, those facilities, improvements and installations for conformance with plans and specifications. Additional inspections shall be made in accordance with other applicable ordinances. Section 15.03.18. Re-inspection of improvements If any defects or deficiencies are found to exist in the preliminary inspection, the city shall notify the • subdivision engineer of these deficiencies. Once the corrections have been completed, and the city is again requested to inspect the improvements, a final inspection of the subdivision will be conducted. If the improvements do not pass this re-inspection because of the improvements not being ready for inspection, or any other reason due to neglect or failure on the part of the subdivider/contractor, a re- - 190 - e- - 190 - Batesville Subdivision Regulations