A. Financial Guarantee Arrangements: In lieu of the actual installation of required public improvements before filing of the final plat, the county commissioners may permit the subdivider to provide a financial guarantee of performance in one or a combination of the following arrangements for those requirements which are over and beyond the requirements of any other agency responsible for the administration, operation and maintenance of the applicable public improvement:
1. Surety Bond:
a. The bond shall accrue to the county covering construction, operation and maintenance of the specific public improvement.
b. The bond shall be in an amount equal to the one hundred ten percent (110%) of the total estimated cost for completing construction of the specific public improvement, as estimated by the engineer for the county and approved by the county commissioners.
c. The term length in which the bond is in force shall be for a period to be specified by the county commissioners for the specific public improvement.
d. The bond shall be with a surety company authorized to do business in the state, acceptable to the county commissioners.
e. The escrow agreement shall be drawn and furnished by the county commissioners.
2. Cash Deposit, Certified Check, Negotiable Bond Or Irrevocable Bank Letter Of Credit:
a. A cash deposit, certified check, negotiable bond or an irrevocable bank letter of credit, such surety acceptable by the county commissioners, shall be deposited with an escrow agent or trust company.
b. The dollar value of the cash deposit, certified check, negotiable bond or an irrevocable bank letter of credit shall be equal to one hundred ten percent (110%) of the estimated cost of construction for the specific public improvement, as estimated by the engineer for the county and approved by the county commissioners.
c. The escrow time for the cash deposit, certified check, negotiable bond or irrevocable bank letter of credit shall be for a period to be specified by the county commissioners.
d. In the case of cash deposits or certified checks, an agreement between the county commissioners and the subdivider may provide for progressive payment out of the cash deposit or reduction of the certified check, negotiable bond or irrevocable bank letter of credit, to the extent of the cost of the completed portion of the public improvement, in accordance with a previously entered into agreement.
B. Conditioned Approval Of Final Plat: With respect to financial guarantees, the approval of all final subdivision plats shall be conditioned on the accomplishment of one of the following:
1. The construction of improvements required by this title shall have been completed by the subdivider and approved by the county commissioners.
2. Surety acceptable to the county commissioners shall have been filed in the form of a cash deposit, certified check, a negotiable bond, irrevocable bank letter of credit or surety bond.
C. Inspection Of Public Improvements Under Construction: Before approving a final plat and construction plans and specifications for public improvements, an agreement between the subdivider and the county commissioners shall be made to provide for checking or inspecting the construction and its conformity to the submitted plans.
D. Penalty In Case Of Failure To Complete The Construction Of A Public Improvement: In the event the subdivider shall, in any case, fail to complete such work within the period of time as required by the conditions of the guarantee for the completion of public improvements, it shall be the responsibility of the county commissioners to proceed to have such work completed. In order to accomplish this, the county commissioners shall reimburse themselves for the cost and expense thereof by appropriating the cash deposit, certified check, irrevocable bank letter of credit or negotiable bond which the subdivider may have deposited in lieu of a surety bond or may take such steps as may be necessary to require performance by the bonding or surety company and as included in a written agreement between the county commissioners and the subdivider. (Ord. 6, 4-9-1979)