(A) Prior to the final submission of the road or street for county maintenance, the developer, subdivider or builder shall complete all required improvements to the satisfaction of the County Engineer and the appropriate utilities who will certify their satisfactory completion in writing to the Fiscal Court.
(B) (1) The developer, subdivider or builder shall submit to the Fiscal Court or the County Engineer an estimated cost calculated to be reasonably necessary to complete all of the improvements required for their review and approval. The Fiscal Court hereby establishes the bond amount at 125% of the cost approved and deemed sufficient.
(2) The bond may be in the form of a surety bond, certified check, irrevocable letter of credit or a cash bond or negotiable United States Treasury certificates of the kind approved by law for securing deposits of public money. The bond shall be executed by the developer, subdivider or builder as principal, and if a surety bond, shall be executed by a corporation authorized to act as a surety under the laws of the state, as surety. The bond shall be a joint bond and several obligations, faithful performance of any and all work and the construction and installation of all improvements required to be done by the developer, subdivider or builder together with all engineering and inspection costs and fees incurred by the county. The bond shall contain further condition that should the developer, subdivider or builder fail to complete all work and improvements to be done by him or her within 12 calendar months of the point of beginning, or upon a mutually agreed to extension of time not to exceed an additional 12 calendar months. The parties executing the bond shall be firmly bound for the payment of all necessary costs therefor.
(3) Whenever the developer, subdivider or builder elects to deposit cash, certified check or approved negotiable United States Treasury Certificates, the Fiscal Court is hereby authorized, in the event of any default on the part of the developer, subdivider or builder or the performance of any work for which the cash or negotiable instrument or bond has been deposited, to cause the required work to be done and to withdraw that amount required for payment of all costs therefor.
(2001 Code, § 92.04) (Ord. passed 9-14-2000)