Upon completion of all improvement in accordance with the city’s specifications and standards and their acceptance by the city, the developer or his or her contractor shall furnish the city with a maintenance warranty bond executed by a corporate surety holding a permit from the State of Texas to act as surety or other surety acceptable to the city. The bond amount shall equal one hundred percent (100%) of the construction cost of all improvements and shall be in effect for two (2) years from the date of completion and acceptance by the city. (Ordinance of 10/4/01)