(A) Agreement and security required. In lieu of required completion of asphalt street paving, shoulder/ditch grading and seeding prior to final plat approval, the county may enter into an agreement with the subdivider whereby the subdivider shall agree to complete all asphalt street paving, shoulder/ditch grading and seeding.
(B) Approval. Once the agreement is signed by both parties and the required security is provided, the final plat may be approved by the County Board of Commissioners, if all other requirements of this chapter are met. To secure this agreement the subdivider shall provide, subject to approval of the County Board of Commissioners, any one or combination of the following guarantees.
(1) Surety performance bond. The subdivider shall obtain a performance bond from a surety bonding company authorized to do business in the State. The bonds shall be payable to the county and shall be in an amount equal to 1.30 times the entire cost, as estimated by the subdivider and approved by the County Board of Commissioners, of installing the asphalt street paving and completion of final shoulder/ditch grading and seeding. The duration of the bond shall be until such time as the improvements are determined by the Board of Commissioners to be in compliance with the provisions of this chapter. All improvements must be made within 12 months of the date of authorization of the security bond.
(2) Cash or irrevocable letters of credit on forms approved by the County Attorney with a banking institution insured by either FSLIC or FDIC. The subdivider shall deposit an irrevocable letter of credit or cash with the county. The amount of the deposit shall be equal to 1.30 times the entire cost of installing the asphalt street paving and completion of final shoulder/ditch grading and seeding, as estimated by the subdivider and approved by the County Board of Commissioners. All improvements must be made within 12 months of the date of authorization of the security.
(Ord. passed 4-17-1989; Ord. 7, passed 7-17-1995; Ord. 8, passed 2-19-1996; Ord. 13, passed 4-23-2001; Ord. 17, passed 11-21-2005)