To ensure the satisfactory condition of public improvements, the subdivider shall post adequate security with the county, township or other unit of government to which the improvements are to be dedicated (for two years after the improvements have been dedicated).
(A) Form. Security may be in the form of a cash deposit, a performance bond, a letter of credit from a bank approved of and insured by the F.D.I.C. or an escrow or impound account in a bank approved of and insured by the F.D.I.C. All security shall be in a form satisfactory to the Planning and Development Administrator. The Administrator, unit of local government or the Building and Zoning Committee shall have the right to reject any form of security he, she or it believes would be inadequate, for any reason, to guarantee the satisfactory maintenance of all improvements in question for the required time period of § 92.062(A).
(B) Amount and purpose of security. The amount of the security shall be 25% of the cost of construction of all improvements. The purpose of the security is to assure the satisfactory condition of all improvements for two years after their dedication.
(C) Defective improvements. If at any time during the required time period, the improvements are found by inspection to be defective, they shall be repaired or replaced at the subdivider’s expense to the satisfaction of the County Engineer, the Township Highway Commissioner or other appropriate official. If the subdivider fails to pay such costs within 90 days after demand is made upon him or her by the county, township or other governmental entity, the security shall be used to make the required repairs or replacement. If the cost of the repairs or replacement exceeds the amount of security, the subdivider shall be liable for the excess cost.
(1993 Code, § 92.63) (Ord. passed 10-17-1956; Ord. passed 10-18-1978; Ord. 2002-14, passed - -2002; Ord. 2006-06, passed 6-21-2006; Ord. 2024-01, passed 3-5-2024) Penalty, see § 92.999