§ 6.06. Maintenance bond.

All persons desiring to subdivide or resubdivide a tract of land within the corporate limits of the city or its extraterritorial jurisdiction shall be required to maintain all improvements in such new subdivision at their own cost, and without cost to the city, for a period of two years from the date of completion of said improvements and their acceptance by the city. Upon completion of said improvements and acceptance by the city, the developer (being the owner or owners of the subdivision), or the authorized agents thereof, shall be required to furnish to the city a good and sufficient maintenance bond executed by a corporate surety approved by the city in an amount equal to the total cost of said improvements and guaranteeing their maintenance for the period of time set forth in this section. Issuance of building and/or occupancy permits within the subdivision may be suspended during any period of non-compliance with the requirements of this section.