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ORDINANCE N0. 79- 86 <br />INTRODUCED BY: Mayor & Council as a Whole <br />AN ORDINANCE AMENDING SECTION 1119.15 <br />OF THE CODIFIED ORDINANCES OF MAYFIELD <br />VILLAGE, REPEALING PRIOR INCONSISTENT <br />ORDINANCES AND DECLARING AN EMERGENCY. <br />BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OAIO, THAT: <br />Section 1. Section 1119.15 of the Codified Ordinances <br />of Mayfield Village be and is hereby amended to read as follows: <br />1119.15 PERFORMANCE GUARANTEE IN LIEU OF INSTALLATION <br />OF IMPROVEMENTS. <br />Concurrently with the application for approval <br />of the final plat, the developer may execute and file <br />with the Village a Performance Bond, secured as <br />hereinafter required, in lieu of actual installation <br />or completion of required improvements. <br />(a) Form of Bond. The Performance Bond shall be <br />conditioned upon proper installation of all improvements <br />required by the Codified Ordinances of Mayfield Village, <br />according to the approved plans and specifications, <br />within two (2) years after approval by the Planning <br />& Zoninq Commission or the Council of the final plat <br />of the subdivision, and shall provide that the Village <br />shall have the right, in the event of default, to install <br />the required improvements after first giving ten (10) <br />days written notice to the developer, to proceed against <br />the developer and against any surety on the bond for <br />the cost thereof and to apply to the cost of such <br />improvements any funds deposited with the Village or in <br />escrow as security for performance of the conditions <br />of the bond. The bond shall further provide that the <br />developer shall hold harmless the Village, its officers <br />and employees from all claim, demands and causes of <br />action of every nature and description arising out of <br />the installation of improvements within the developer's <br />subdivision, conditions existing during the construction <br />or installation of such improvements and all damages <br />to neighboring property owners resulting from approval <br />of the developer's subdivision by the Village and the <br />installation of improvements therein, including, without <br />limitation, damages resulting from increase in surface <br />water flowing from the subdivision and all claims arising <br />out of changes to natural ditches or drainage courses.