(A) Financial guarantees shall be a prerequisite to the Plan Commission office action on the application for the approval of the drainage plan.
(B) The Plan Commission office shall approve the drainage plan only after notice has been received and has been filed with and approved by one of the following:
(1) A certification to the effect that the drainage improvements have been graded and installed in accordance with the specifications of this chapter;
(2) A performance bond is posted with the County Board of Commissioners and it shall:
(a) Be in the name of the County Board of Commissioners;
(b) Be in the amount equal to 100% of the cost, as estimated by the Board, of all improvements and installations as required under this chapter, excluding, however, the cost of any said improvements and installations which have been constructed, installed and completed in compliance with the requirements of this chapter prior to the providing of this bond and for which sufficient written proof of such construction, installations and completion has been furnished to the Board;
(c) Be satisfactory to the County Board of Commissioners; and
(d) Run until and terminate 60 days after the filing with the County Plan Director a completion affidavit obtained from the County Plan Commission’s office.
(3) Cash bonds or other negotiable securities acceptable and assigned to the County Board of Commissioners is posted in lieu of the performance bond; or
(4) Any funds received from the financial guarantees required by this chapter shall be used only for the purpose of making drainage improvements for which said guarantees were provided, in accordance with the specifications and requirements of this chapter.
(Ord. 2011-03, passed 4-4-2011)