(A) Financial guarantees shall be required for all proposed incidental improvements not completed prior to signing of the secondary plat by the Plan Commission and the County Board of Commissioners and for all completed improvements as required by the subdivision control regulations.
(B) A maintenance bond shall be required prior to signing of the secondary plat by the Plan Commission and the County Board of Commissioners and shall:
(1) Run to the County Board of Commissioners from the developer;
(3) Be with surety satisfactory to the County Board of Commissioners;
(4) Warrant the workmanship and all materials used in the construction, installation and completion of the improvements, and installations to be of good quality and to have been constructed and completed in a workmanlike manner in accordance with the standards, specifications and requirements of this chapter and the plans and specifications submitted to the Plan Commission and the County Board of Commissioners;
(5) Provide that for a period of not less than 36 months after the installations and improvements have been completed or are accepted for public maintenance by the County Board of Commissioners, the applicant will, at his or her own expense, make all repairs to the improvements and installations or the foundations thereof, which may become necessary by reason of improper workmanship or materials; and
(6) Bear an “A” rating or better as ranked by a reputable insurance rating firm to the satisfaction of the Board of Commissioners.
(C) A performance bond shall be required prior to the beginning of construction by the Plan Commission and the County Board of Commissioners and shall:
(1) Run to the County Board of Commissioners from the developer;
(2) Be in an amount equal to 125% of the cost, as estimated by the County Board of Commissioners, of all incidental improvements and installations as required by §§ 155.090 through 155.098. All improvements and installations as required in §§ 155.090 through 155.098, except for incidental improvements, shall be completed and approved prior to signing of the secondary plat by the Plan Commission and the County Board of Commissioners. The incidental improvements shall be completed within 12 months from the date of recordation of the plat except for sidewalks, streetlights, and asphalt surfacing which shall be completed within 36 months.
(3) Be with surety satisfactory to the County Board of Commissioners; and
(4) Be valid and effective until the improvements are installed to the satisfaction of the County Commissioners at which time all required maintenance bond(s) shall be posted for a period of not less than 36 months.
(5) Bear an “A” rating or better as ranked by a reputable insurance rating firm to the satisfaction of the Board of Commissioners.
(D) Cash bonds or other negotiable securities that are acceptable and assigned to the County Board of Commissioners may be posted with the Board Commissioners in lieu of the performance bond.
(E) The Board of Commissioners or Town Council may grant exception(s) to the provisions of this section upon the recommendations of the County Surveyor, County Engineer, Town Engineer, and/or County Environmental Health Specialist.
(’86 Code, § 7.1-32) (Ord. 1993-9G, passed 9-27-93; Am. Ord. 2003-10F, passed 10-12-03; Am. Ord. 2015-10E, passed 10-20-15)