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AN ORDINANCE • AMENDING AND REORDAINING SECTION 29-37 OF ARTICLE II OF CHAPTER 29 OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1990, AS AMENDED, RELATING TO BONDS REQUIRED FOR SUBDIVISION PROJECTS. BE IT ORDAINED by the Council of the City of Charlottesville, Virginia, that Section 29-37 of Article II of Chapter 29 of the Charlottesville City Code, 1990, as amended, is hereby amended and reordained, as follows: ARTICLE II. DESIGN STANDARDS AND IMPROVEMENTS. Section 29-37. Required improvements to be guaranteed through bonding; procedure. (a) Completion of all required public improvements, including but not limited to streets, sidewalks, utility lines, storm drainage installations; traffic and street signals or signs and bicycle trails, shall be guaranteed through appropriate bonding before approval for recordation is given to the final plat of any major subdivision. • (b) Such bonding shall be accomplished in one of the following ways: (1) The applicant shall certify that the construction costs for all such improvements have been paid are available (either through a loan commitment or funds in handl to be paid to the person constructing or installing the same, and shall submit a copy of the contract for such construction or installation and a contractor's performance bond for the full amount thereof, with corporate or other surety, to be approved by the city attorney; or (2) The applicant shall furnish his own performance bond for the estimated cost of such improvements less any amounts advanced to or refundable by the city for installation of water or sewer mains, which shall likewise be reviewed and found sufficient by the city attorney before final approval is given. The estimated cost of such public improvements, less applicable advances or refundable amounts, shall be certified by the city engineer to the city attorney as part of the approval process for such plats. In lieu of bond with corporate or personal surety, the city attorney is authorized to accept a certified check, irrevocable letter of credit, assignment of loan or ISTEA (Intermodal Surface Transportation Efficiency Act) proceeds or cash escrow agreement if, in his judgment, such arrangements will provide a substantially similar guaranty of performance of the applicant's obligations. 0 (c) Reserved.