(A) Treasurer, escrow agent, or trust company. A cash deposit, certified check, cashier’s check, or an irrevocable bank letter of credit, such surety acceptable by the Commission, shall be deposited with an escrow agent or trust company.
(B) Escrow time. The escrow time for the cash deposit, certified check, cashier’s check, or irrevocable bank letter of credit shall be for a period to be specified by the Commission.
(C) Progressive payment. In the case of cash deposits or certified checks, an agreement between the Commission and the developer may provide for progressive payment out of the cash deposit or reduction of the certified check, cashier’s check, or irrevocable bank letter of credit, to the extent of the cost of the contemplated portion of the public improvement, in accordance with a previously entered into agreement.
(Ord. 95-3, passed 9-25-1995)