Upon approval of the final plat, the subdivider may submit applications for construction permits for required improvements, or secure and file a letter of credit for 125% of the estimated cost of said improvements and guarantees of performance and indemnity agreement for the subdivision. The subdivision shall not be filed with the County Clerk of Union County, and lots may not be advertised or conveyed until all required improvements have been completed and approved by the town or until a letter of credit and guarantees of performance and indemnity agreement for work within the subdivision are approved and filed with the town. The town and the New Mexico Construction Industries Division will not issue any building permits for structures on any lot within the subdivision unless the improvements have been built or the bond has been posted.
(Ord. 719, passed 11-9-2022)