(a) Full release. Security may be released in full only upon full performance of all obligations secured by the agreement. The County shall retain the security for maintenance until the warranty provided for in the public works agreement expires. The County shall retain the security for a forestation agreement for two years to ensure that planting, replanting, afforestation, or reforestation is undertaken and maintained in accordance with the approved forest conservation, buffer management, or bog protection plan.
(b) Partial release. Upon the completion of all utility work under a public works agreement, the County may allow a partial release of security in the amount of the approved cost estimate for the utilities. With respect to the remainder of the improvements to be made under a public works agreement and a forestation agreement, the County may allow a partial release of security, not to exceed 50% of the total security required by an agreement, if the developer has performed at least 50% of the obligations or remaining obligations secured by the agreement and the County determines that a partial release of the security will not impair implementation of the agreement. The security for plantings in connection with a forest conservation plan, buffer management plan, or bog protection plan may not be released until the expiration of at least one growing season.
(Bill No. 3-05)