(A) If under § 153.091(F) the developer chooses to file security or bonds in lieu of completing construction prior to final plat approval, he or she may utilize either of the following methods of posting security:
(1) The developer shall file with the town a performance bond executed by a surety company holding a license to do business in the State of Texas, and acceptable to the Town Attorney, in an amount equal to the cost of the improvements required by this chapter as estimated by the Town Engineer, conditioned that the developer will complete such improvements within one year after approval of the plat; or
(2) Alternatively the developer shall place on deposit in a trust account in a bank or trust company selected by the developer and approved by the town, a sum of money equal to the estimated cost of all improvements required by this town as estimated by the Town Engineer.
(B) If either type of security is filed by the developer under division (A) above, the filing of such security shall be accompanied by a maintenance bond executed by a surety company holding a license to do business in the State of Texas, and acceptable to the Town Attorney, in an amount equal to 100% of the cost of the improvements required as estimated by the Town Engineer, conditioned that the developer will maintain such improvements in good condition for a period of two years after final acceptance of the completed construction by the town, as provided in division (C) below.
(C) If either type of security is filed by the developer under division (A) above, the Town Inspector and the Town Engineer shall inspect the construction of the improvements while in progress, and upon completion of construction. After final inspection, the Town Engineer shall notify the developer in writing as to his or her acceptance or rejection of the construction. Upon satisfactory completion of construction, the Town Administrator shall issue a statement of acceptance of the ownership and maintenance of the facilities by the town. He or she shall reject such construction only if it fails to comply with the standards and specifications contained or referred to in this chapter. If he or she rejects such construction, the Town Attorney shall, on direction of the City Council, proceed to enforce the guarantees provided in this section.
(D) Where good cause exists, the Town Engineer may extend the period of time for completion under division (A) above for an additional period of time not to exceed six months if the developer has not completed the required improvements in compliance with this chapter. No such extension shall be granted unless security as provided in division (A) above has been provided by the developer covering the extended period of time.
(Ord. 353, passed 7-10-2013)