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<br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF PARIS, TEXAS: <br /> <br />Section 1. That the findings set out in the preamble to this ordinance are hereby in all things <br />approved. <br /> <br />Section 2. That Section XIII, entitled Guarantee of Construction, of Ordinance No. 1315, <br />the Subdivision Regulations ofthe City of Paris, Paris, Texas, shall be and is hereby amended to read <br />in its entirety as follows: <br /> <br />"Section XIII. Guarantee of Construction. <br /> <br />The owner or developer of any proposed subdivision or addition covered by <br />this ordinance may, in lieu of actually completing the construction of the public <br />improvements required by this ordinance prior to seeking final plat approval, may <br />enter into a Subdivision Improvement Agreement with the City of Paris providing for <br />the construction, completion and payment for the public improvements associated <br />with the proposed subdivision or addition. Owner or Developer, in connection with <br />the Subdivision Improvement Agreement, shall put up financial security with the City <br />in an amount equal to the estimated cost of the public improvement. The financial <br />security required may be in the form of cash deposit with the City, Letter of Credit <br />from a Federally licensed and insured financial institution or surety bond issued by <br />a surety company approved by the United States Treasury Department and licensed <br />to do business in the State of Texas. The purpose of the Subdivision Improvement <br />Agreement and financial security is to guarantee the construction and completion and <br />payment for the public improvements within the time frame stated in the Subdivision <br />Improvement Agreement. <br /> <br />The developer and owner shall guarantee and warranty the workmanship and <br />materials used in the construction and installation of the public improvements within <br />the subdivision or addition for one (1) year from the date of written acceptance of all <br />such public improvements by the city engineer of the City of Paris." <br /> <br />Section 3. That this ordinance shall be effective on January 1, 2005, and shall thereafter <br />apply to all subdivisions and subdivision construction for which final plats have not been approved, <br />or for which surety bonds have not been posted with the City of Paris to guarantee construction <br />improvements. <br /> <br />PASSED AND ADOPTED this 10th day of December, 2007. <br /> <br />Jesse James Freelen, Mayor <br />