A. Guarantee Of Performance: In lieu of the actual installation of required improvements and issuance of a license, the administrative authority may provide for a financial guarantee of performance in one or a combination of the arrangements set out in subsections B and C of this section.
B. Surety Bond:
1. Accrual: The bond shall accrue to the county covering construction of the improvements.
2. Amount: The bond shall be an amount equal to the total estimated cost for completing construction of the specific public improvement, including contingencies, as estimated by the administrative authority.
3. Term Rates: The term rates in which the bond is enforced shall be for a period to be specified by the administrative authority for the specific improvements.
4. Bonding Or Surety Company: The bond shall be with a surety company authorized to do business in the state of Idaho acceptable to the administrative authority.
5. Escrow Agreement: The escrow agreement shall be drawn and furnished by the administrative authority.
C. Cash Deposit, Certified Check, Negotiable Bond, Or Irrevocable Bank Letter Of Credit:
1. Treasurer, Escrow Agent Or Trust Company: A cash deposit, certified check, negotiable bond or an irrevocable bank letter of credit, such surety acceptable by the administrative authority, shall accrue to the county. These deposits shall be made with the county treasurer, or deposited with a reasonable escrow agent or trust company, subject to the approval of the administrative authority.
2. Dollar Value: Dollar value of the cash deposit, certified check, negotiable bond, or an irrevocable bank letter of credit, shall be equal to the total estimated cost of the construction of the specific improvements including contingencies, as estimated by a qualified engineering firm.
3. Escrow Time: The escrow time for the cash deposit, certified check, negotiable bond, or irrevocable bank letter of credit, shall be for a period to be specified by the administrative authority.
4. Progressive Payment: In the case of cash deposits or certified checks, an agreement between the administrative authority and the licensee may provide for progressive payment out of the cash deposit or reduction of the certified check, negotiable bond or irrevocable bank letter of credit, to the extent of the cost of the completed portion of the public improvement, in accordance with the previously entered into agreement. (Ord. 2013-133, 3-25-2013)