- Contractor's bonds. A. After the expiration of the time for filing protests against the proposed improvement, or if insufficient protests have been filed, the municipal governing body shall adopt a resolution declaring that no protests have been filed, or if protests have been filed, that the protests were insufficient, and expressing the determination of the governing body to proceed with the improvement. The resolution shall require the engineer to forthwith submit and file detailed plans, profiles, specifications and estimates of probable cost. B. After the engineer has filed the detailed plans and estimates, the governing body shall examine them and, if found satisfactory, shall adopt and approve them by resolution, and order the improvement. The resolution ordering the improvement shall be adopted not later than one (1) year after the adoption of the resolution of necessity or after the filing of a petition by property owners for street improvements. The resolution shall: 1. State that the improvement will be constructed in accordance with the final detailed plans, specifications and profiles of the engineer; 2. Set forth the material to be used; 3. Set forth any reasonable terms and conditions that the governing body shall deem proper to impose with reference to the letting of the contract and the provisions thereof; 4. Require the contractor to execute to the municipality a good and sufficient bond, in the amount stated in the resolution, conditioned for the full and faithful execution of the work and the performance of the contract for the protection of the municipality and all property owners interested, against any loss or damage by reason of the negligence of the contractor, or improper execution of the work, or for the use of inferior material; 5. Require the contractor to execute a bond, in the amount stated in the resolution, for the maintenance of the improvements against any failure due to defective workmanship or materials for a period of not less than three (3) years from the time of its completion and acceptance. Such maintenance bond shall not be required where the street improvements consist in chatting or graveling; 6. Require the execution of a good and sufficient bond for payment of labor and material in accordance with applicable state law; and 7. Direct the municipal clerk, after the filing of the final plans, profiles, specifications and estimates, to advertise for sealed proposals for furnishing the materials and performing the work necessary in making the improvement.
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