A. Surety Agreement: A subdivider or other interested party, in lieu of completion of the required minimum street and other improvements required by section 10-5-1 of this chapter and in compliance with the schedules of required street, utility, and other improvements set forth in section 10-5-2 of this chapter, or any portion thereof, may deposit with the county clerk, a surety bond or performance bond, or a certified check or cashier's check drawn on a bank qualified to do business in the state, or a cash deposit, or a letter of credit, or assignment of funds on deposit in a bank or building and loan association, qualified to do business in the state, and only when such financial institutions have received a copy of the surety arrangements and have agreed in writing to abide by the conditions set forth therein and the amount of such surety called for to be equal to not less than one hundred twenty percent (120%) of the cost of required improvements according to the estimate made by the subdivider and verified by the Valley County engineer; and in all cases such surety shall be drawn in favor of, and payable to the order of, Valley County, in accordance with the provisions contained in the surety agreement by and between the guarantor and Valley County. Such surety agreement shall contain suitable provisions requiring the subdivider to construct all improvements in accordance with Valley County standards and specifications, subject to inspection and approval by the Valley County engineer and for completion within one year from date of recording of said plat.
B. Right To Extend Period Of Construction: The county shall reserve the right to extend the period of construction for a year, or to construct the required improvements with county forces (or with contracted forces) and charge the sureties posted for such work.
C. Correction Of Deficiencies At Later Date: In order to guarantee that the construction of the improvements will stand the test of time and to assure the public of a near maintenance free facility, the county shall retain a surety in the amount of twenty percent (20%) of the original surety for a period of two (2) years after the original construction has been accepted. If, during this two (2) year period, it is discovered that the original construction was deficient due to drainage, settling, defective or insufficient materials or other unforeseen circumstances, then the county engineer shall notify the subdivider to correct these deficiencies in the construction and repair the facility back to county standards. If deficiencies are not corrected within thirty (30) days, or such additional time as deemed reasonable by the county engineer, the county engineer may cause such deficiencies to be remedied and use the subdivider's surety funds to pay for such remediation upon approval of the board. (Ord. 10-07, 8-26-2010)