The Plan Commission, may approve a final plat in which the improvements and installations have not been completed as required by the chapter for the approval of plats if the applicant provides a bond which shall:
(A) Run to the county;
(B) Be with surety satisfactory to the Plan Commission;
(C) Specify the time for the completion of the improvements and installations; and
(D) (1) Construction surety shall be an amount equal to the total cost of construction of improvements including storm sewer and drainage, new streets and improvements to existing streets, water, sanitary sewers monuments and markers; streets signs and any other public improvement required by the Plan Commission or County Commissioners. Surety is to be in the form of a bond, letter of credit or cashier check made out to the appropriate authority. When no specific authority exists, the surety shall be made out to the County Plan Commission.
(2) The time period for the construction surety shall be for the entire time it takes to complete the construction, inspections and release in writing of the surety by the appropriate authority.
(3) The developer may install approved subdivision improvements once an improvement location permit has been issued and a time schedule for facility construction and inspection has been developed in writing and approved by all appropriate county and other appropriate authorities without surety as an alternate to the above. The final plat will not be signed by the Commission nor recorded until all improvements have been installed, inspected and approved in writing by all appropriate county and other appropriate authorities.
(4) Maintenance surety shall be required per the request of the authority to which the improvements would be turned over to or at the request of the Plan Commission or County Commissioners. The amount of the maintenance surety shall be no less than 20% of the construction surety of 20% of the actual cost of construction of improvements if installed without surety and shall be for a time period of no less than two years after the construction surety is released or maintenance surety can be longer than three years when the Plan Commission or County Commissioners. No individual nor part or a surety shall be released until all inspections by the appropriate authority and Plan Commission staff have been performed and certified in writing that they meet all appropriate standards. The appropriate authority or developer may request special inspections by a duly authorized inspector or state certified engineer as approved by the County Commissioners to determine compliance with all appropriate standards, the cost of which shall be borne by the subdivider or developer. No surety shall be allowed to lapse or be terminated until approved in writing by the appropriate authority.
(Ord. passed 7-20-1992)