(A) The secondary plat shall not be submitted to the Plan Commission for approval until one of the following has been accomplished.
(1) The streets and other improvements required by this chapter, except sanitary sewage treatment facilities and appurtenances and common water supply systems, are accepted by the Board of County Commissioners and all stormwater systems and improvements, including but not limited to detention and retention ponds, have been installed.
(2) (a) A performance bond running to the Board of County Commissioners is executed by the subdivider and is approved by the Board of County Commissioners. The performance bond shall be 100% of the estimated cost of all streets and improvements, including all stormwater management systems and improvements (which include but are not limited to detention and retention ponds) plus a 10% inflation add-on figure per year of performance bond which this chapter requires and which are shown on the approved plans and specifications, except that the bond need not include the sanitary sewage treatment facilities and appurtenances, nor the common water supply system. The amount of the bond shall be fixed by the County Highway Engineer based on costs which are current in the trades for like items of construction and for installation. All bonds shall be with a company licensed to do business in the State of Indiana. Performance bonds shall specify that all improvements will be installed within a period of two years.
(b) Upon approval by the Plat Officer, three separate performance bonds may be posted one for road construction, one for sidewalks, street signs, landscaping, monuments and the like and one for stormwater management systems.
(3) Cash, or other acceptable negotiable securities, is posted with the County Treasurer in lieu of the performance bond.
(B) A combination of the above three alternatives may be employed, provided all improvements are covered in the guarantees.
(C) Furthermore, this performance bond shall assure all snow removal and other maintenance of roads and other improvements as stated in aforementioned paragraphs to be rendered and completed prior to release of the bond.
(D) This bond shall cover as-built plans on the improvements.
(E) A further provision is that one extension for a period of one year may be granted by the Plan Commission Board at current cost estimates. However, at no time will partial releases of performance bonds be permitted.
(F) No building permits shall be issued in a subdivision with delinquent bonds.
(Prior Code, § 151.070) (Ord. 1670, passed 6-11-1996)