Financial guarantees shall be required for all proposed incidental improvements not completed prior to signing off of the plat by the McCordsville Town Council and for all completed improvements as required by this chapter.
(A) Maintenance bond. A maintenance bond shall be required prior to the signing of a secondary plat by the Town Council. It shall:
(1) Run to the McCordsville Town Council;
(2) Be in an amount equal to 25% of the cost, as estimated by the McCordsville Town Council, of all improvements and installations as required by this chapter;
(3) Be with surety satisfactory to the McCordsville Town Council;
(4) Warrant the workmanship and all materials used in the construction, installation and completion of the improvements, and installations to be of good quality and have been constructed and completed in a workmanlike manner in accordance with the standards, specifications and requirements of this chapter and the satisfactory plans and specifications therefore submitted and satisfactory to the McCordsville Town Council;
(5) Provide that for a period of not less than 36 months for incidentals and erosion control, and a period of not less than 60 months for all other dedicated infrastructure after the installations and improvements have been completed or are accepted for public maintenance by the Town Council, the applicant will, at his or her own expense, make all repairs to the improvements and installations or the foundations thereof, which may become necessary by reason of improper workmanship or materials; and
(6) Bear an "A" rating or better as ranked by a reputable insurance rating firm to the satisfaction of the McCordsville Town Council.
(B) Performance bond. A performance bond shall be required prior to the signing of the secondary plat by the McCordsville Town Council. It shall:
(1) Run to the McCordsville Town Council;
(2) Be in an amount equal to 125% of the cost, as estimated by the McCordsville Town Council, of all incidental improvements and installations as required by this chapter. All improvements and installations as required by this chapter, except for incidental improvements, shall be completed and approved prior to the signing of the secondary plat by the McCordsville Plan Commission. The incidental improvements shall be completed within 12 months from the date of the recordation of the plat with the exception of sidewalks and asphalt surfacing which shall be completed within 36 months from the date of the recordation of the plat.
(3) Be with surety satisfactory to the McCordsville Town Council; and
(4) Be valid and effective until the improvements are installed to the satisfaction of the Town Council, at which time all required maintenance bond(s) shall be posted.
(C) Cash bond or other negotiable securities. Cash bond or other negotiable securities acceptable and assigned to the Town Council may be posted with the Council in lieu of a performance bond.
(D) Exceptions. The Town Council may waive the provisions of this section upon the recommendation of the County Surveyor, Town Engineer, or County Environmental Health Specialist.
(E) Release.
(1) Notwithstanding the provisions set forth above, a performance bond or performance surety required above, may be reviewed on an annual basis and released to the extent determined by the Town Engineer that the required installations and improvements have been completed to the satisfaction of the Town Engineer.
(2) Any performance bond or performance surety required above shall be released upon completion of the installation, to the satisfaction of the Town Engineer, of any required installation and/or improvements for which such bond or surety was required.
(Ord. 121410A, passed 1-11-2011; Ord. 111114, passed 11-11-2014; Ord. 090815, passed 9-8-2015)