(A) Accrual. The bond shall accrue to the Commission covering construction, operation, and maintenance of the specific public improvement.
(B) Amount. The bond shall be in amount equal to 110% of the total estimated cost for completing construction of the specific public improvement, as estimated by the county and approved by the Commission.
(C) Term length. The term length in which the bond is in force shall be for a period to be specified by the Commission for the specific public improvement.
(D) Bonding for surety company. The bond shall be with a surety company authorized to do business in the State of Idaho, acceptable to the Commission.
(E) Escrow agreement. The escrow agreement shall be drawn and furnished by the Commission.
(Ord. 95-3, passed 9-25-1995)