A maintenance bond in the amount of at least twenty percent (20%) of the value of the minimum required improvements shall be in effect before the surety or certified check is released. The maintenance bond is to be effective for a period of not less than one year from the date of the release of the performance surety bond or certified check. If a developer has chosen performance bond option #1 (one performance bond for all improvements), the maintenance bond will cover all improvements under one bond. If a developer has chosen option #2 (multiple performance bonds for all improvements), the developer will be required to have a maintenance bond for each improvement at the time that each performance bond is released.
(Ord. 39-12. Passed 7-16-12.)
(Ord. 39-12. Passed 7-16-12.)