Prior to the adoption of Ord. 2007-05 on 04/25/2007, Section 16.58.450 read as follows.

1. In order to assure the completion of the required improvements, the subdivider shall establish with the City an escrow account or surety bond. Such financial guarantee shall be in an amount equal to one hundred ten (110) percent of the cost estimated by the subdivider's engineer as accepted by the City Engineer for the completion of improvements not then installed. For a subdivision that is to be developed in phases, the cost may be calculated and the financial guarantee provided and administered by Vernal City staff for each phase individually. Accounts will be released according to the provisions outlined in subsection C of this section, the conditions which must be approved by the City Attorney to guarantee the improvements will be installed as shown on the final plat. The purpose of the account is to assure construction of required improvements within two (2) years from the date of final approval, without cost to the City, including any additional costs due to inflation. The escrow account shall be executed by a banking or trust company duly authorized to do business in the state; shall be payable to Vernal City Corporation; shall be filed in the office of the City Recorder; and shall be available for public inspection during regular business hours.

B. Default. In the event the subdivider is in default or fails or neglects to satisfactorily install the required improvements within two (2) years from the date of approval of the plat by the City Council, or to pay all liens in connection therewith, the City Council may declare the escrow account forfeited and the City may install or cause the required improvements to be installed, using the proceeds from the escrow account to defray the expense thereof.

1. The subdivider shall be responsible for the quality of all materials and workmanship. At the completion of the work or not less than ten (10) days prior to the release date of the escrow account, the City Engineer and/or Public Works Department shall make a preliminary inspection of the improvements and shall submit a report to the City Council, setting forth the conditions of such facilities. If all liens are paid and other conditions thereof are found to be satisfactory, the City Council shall release ninety (90) percent of the total amount of the escrow account. If the conditions of material or workmanship show an unusual depreciation or does not comply with the acceptable standards of durability or if any outstanding liens are not paid, the City Council may declare the subdivider in default.

D. After a period of one (1) year from the completion of all required improvements, the City shall release the remaining ten (10) percent of the land or escrow account; provided the required improvements do not show unusual depreciation. (PZSC § 03-28-008)(Ord. No. 96-08, Amended, 03/20/96; Ord. No. 98-01, Amended, 01/28/98)