1. Account Required; Amount: The subdivider shall deposit monies in the form of a shared savings account, in the name of the city, in a financial institution licensed under the laws of the state. The amount shall be equal to fifteen percent of the cost of the subdivision roadway improvements, or a maximum of seven thousand five hundred dollars ($7,500.00), whichever is less. These monies shall be used for emergency repairs, i.e., broken water lines, or emergency street repairs where safety is the prime factor. All repairs classified as "emergency" shall be so determined by the city engineer and shall be subject to department head approval.
2. Notice To Responsible Person: Where possible, the city will notify the responsible person in writing at least two (2) working days before repairs are to be made, except in emergencies where that passage of time would be detrimental to the health and/or safety of persons living in the city. However, if no response occurs within two (2) working days, and depending on the severity of the emergency, after notice has been given the city may proceed to have the repairs done. The city reserves the right to withdraw funds for necessary emergency repairs at any time independent of the subdivider. In the event monies are withdrawn for emergency repairs, it shall be the responsibility of the subdivider to deposit additional monies in the shared savings account. Work shall not proceed within a subdivision until the emergency repair savings account is restored to the original amount. The monies deposited in the shared account, along with accrued interest and all city control of the account, will be released by the city at the time the subdivision improvement bond money is released. (Ord. 86-3, 3-11-1986)