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ORDINANCE #16-05 <br />CITY OF RAMSEY <br />ANOKA COUNTY <br />STATE OF MINNESOTA <br />AN ORDINANCE AMENDING CHAPTER 117-615 (CONSTRUCTION OF IMPROVEMENTS) OF <br />THE RAMSEY CITY CODE AMENDING THE APPROVED FORMATS FOR WARRANTY. <br />The City of Ramsey Ordains: <br />SECTION 1 AUTHORITY <br />This ordinance is adopted pursuant to and under the authority of the City Charter of the City of Ramsey. <br />SECTION 2 AMENDMENTS <br />Section 117-615 is amended to revise the following language (added language underlined, deleted <br />language strike through): <br />Sec. 117-615 — Construction of Improvements <br />(1) <br />Warranty. The city shall, where appropriate, require a subdivider submission of a <br />warranty/maintenance bond financial guarantee in the form of a cash escrow or letter of credit in the <br />amount equal to that established by the development agreement 25% of the cost of the Stage I and <br />Stage II improvements as required by this Article which shall be in force for one year following the final <br />acceptance of any required improvements and shall guarantee satisfactory performance of said <br />improvements. <br />SECTION 3. SUMMARY <br />The following is the official summary of Ordinance # 16-05, which has been approved by the City Council <br />of the City of Ramsey as clearly informing the public of the intent and effect of the Ordinance. <br />It is the intent and effect of Ordinance #16-05 to amend Ramsey, Minnesota City Code Chapter 117-615 to <br />align the code's language with the City's current practices. The City has a longstanding informal policy of <br />not accepting warranty and maintenance bonds due to the logistical difficulties of collecting on them. <br />Instead, the City has been collecting 25% of the Stage I and Stage II costs in the form of cash or a letter of <br />credit. The new language will formalize this policy in the code and eliminate confusion about whether <br />bonds are an acceptable format for warranty. <br />SECTION 4. EFFECTIVE DATE <br />The effective date of this Ordinance is thirty (30) days after its passage and publication, subject to City <br />Charter Section 5.07. <br />Adopted by the Ramsey City Council the day of , 2016. <br />Mayor Sarah Strommen <br />