(A) In lieu of the completion of the physical development and installation of the required improvements previous to the approval of the final plat, the governing authority of the county may accept a bond, upon approval of the Planning Commission, and with surety and conditions satisfactory to it, providing for securing to the county the actual construction and installation of the improvements and utilities within a period specified by the Planning Commission and expressed in the bond.
(B) The nature of the surety and procedure shall be as determined by the governing authority of the county.
(C) The bonding of a subdivision project prior to final plat approval shall authorize the sale, conveyance or transfer of lots within the subdivision, in addition to the use of the lots as legal building sites.
(D) To facilitate the sale, conveyance or transfer of lots within a bonded subdivision of a tentative final plat with the bond application.
(E) Release or reduction of the bond amount prior to final plat approval may be accomplished upon the recommendation of the County Engineer provided the public improvements are adequately installed and ready for acceptance into the county maintenance system.
(1985 Code, Ch. 12, § 7.2) Penalty, see § 151.999