The amount of the security shall constitute 30% of the cost of all improvements relating to road construction (grading, ditching, culverts, stone base, asphalt, seeding and the like). The developer shall provide information sufficient to determine the cost of the improvements. The following types of bonds/guarantees will be acceptable to the Board of Commissioners for the purpose of satisfying maintenance of streets guarantees prior to final plat approval.
(A) Surety bond. The subdivider shall obtain a surety bond from a surety bonding company authorized to do business in the state. The bond shall be payable to the county and shall be in an amount approved by the Board of Commissioners. The duration of the bond shall be until such time as the streets are accepted by the State Department of Transportation.
(B) 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 approved by the County Board of Commissioners. The security shall be held until such time as the streets are accepted by the State Department of Transportation.
(Ord. passed 4-17-1989; Ord. 2, passed 8-17-1992; Ord. 7, passed 7-17-1995; Ord. 13, passed 4-23-2001; Ord. 17, passed 11-21-2005)