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Regular City Council Meeting <br />July 10,2003 <br />Page 12 <br /> <br />said in lieu of actually having the utilities constructed, this City Council <br />previously and the city has also put a provision in the ordinance to allow the <br />posting of a secure bond that would secure the city and the people who are <br />buying the property in the subdivision against the fact that the utilities might <br />not be built once the Final Plat is filed. He said that is an additional method of <br />assuring that the utilities are built, but it is not a perfect system because it still <br />means that the city would have to call the bond and cause the utilities to be <br />built. City Attorney Schenk said the essence ora Final Plat is that utilities are <br />installed and then the lots are there ready to be sold, the deed can be filed, and <br />then the building permits can be issued. He said that in approving this subject <br />to posting of the security, if the security is never posted, by State Law, once a <br />Final Plat is presented for approval, it either has to be approved or denied <br />within 30 days. If the Final Plat is not denied within 30 days, and not approved <br />in 30 days, it is automatically approved by State Law and subject to being <br />filed. <br /> <br />City Attorney Schenk said the city' s concern is the utilities are not in, but if the <br />security is not posted at the time this Council acts on the Final Plat, then the <br />city has no security that those utilities are going to be built before houses are <br />sold. <br /> <br />Councilman Guest asked if Mr. Ross objected to this. Mr. Ross came forward <br />stating that he did object to this as he has just heard of this just now. He said <br />they have had a lot of meetings, even today, and competitive bids came in at <br />$45,000.00 and he is asking for $75,000.00. Mr. Ross said he had the <br />$45,000.00 borrowed and he agreed that he could not put up $75,000.00. <br />Councilman Guest said he did not have to put up the $75,000.00 only a bond. <br />Mr. Ross said he was just going to bring in a CD for $45,000.00 and he did not <br />know what a bond cost. Mr. Bray was the low bidder and he said it was pretty <br />expensive. <br /> <br />Councilwoman Neeley asked if the City Council denies this plat, that would not <br />keep him from going on with putting the utilities in. <br /> <br /> <br />