All guarantees be accompanied by a agreement (performance agreement) specifying the terms and the amount of the guarantee. receipt of an application, the prepare formal recommendations as to amount and terms of the guarantees for improvements, including time of initiation and completion of the work, to the Mills River Town Council for approval. The , upon proof of difficulty, grant extension of completion dates set forth in its approval for a maximum of one (1) additional , but the time between initiation and the completion of the required improvements not exceed two (2) . Where the cost of uncompleted work is determined in the manner above to be less than $10,000, the approve security guarantees as provided for in this section. The amount of the guarantee be sufficient to provide adequate funds to the Town of Mills River to ensure, in the case of default, the installation of all required improvements uncompleted at the time of default. All guarantees for improvements comply with applicable statutory requirements and be satisfactory to the Attorney as to form, sufficiency and manner of execution. Guarantees employing lending institutions require that those banking corporations be licensed to do business in North Carolina.
(Ord. passed 3-1-2004; Am. Ord. passed 10-13-2005; Am. Ord. 2021-06, passed 4-22-2021)