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A. In lieu of completion of improvements, or any portion thereof, required by this title, the owner may deposit a surety and sign a surety agreement for completion of such improvements. The surety and surety agreement shall be deposited with the director on forms provided by the director.
B. The amount of surety called for shall be equal to not less than one hundred twenty percent (120%) of the cost of completing the required improvements. The estimated cost shall be provided by the applicant and reviewed and approved by the county engineer.
C. In all cases the surety shall be drawn solely in favor of, and payable to, the order of the county of Ada, in accord with the regulations contained in the surety agreement by and between the guarantor and the county of Ada. (Ord. 389, 6-14-2000)
Where a surety is accepted by the director and deposited as provided in section 8-4K-1 of this article, the surety shall be released subject to the following regulations:
A. The owner shall submit a written request to the director to return the surety. The request shall include the following documents:
1. A statement from the owner that the required improvements are complete.
2. Two (2) sets of prints of the as-built plans and specifications for all improvements.
B. The county engineer shall verify and certify that the required improvements, as detailed in the surety agreement, have been installed. The as-built plans shall be reviewed and approved by the county engineer.
C. Upon certification of the county engineer, the director shall give notice to the county treasurer to release the sureties heretofore deposited with said county treasurer in the manner and to the extent as provided for in the surety agreement in accord with the regulations of section 8-4K-1 of this article. (Ord. 389, 6-14-2000)
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