If the installation is not completed, the developer may be allowed to proceed by posting a bond which shall:
(A) Run to the County Board of Commissioners;
(B) Be in an amount determined by the Commission to be sufficient to complete the improvements and installations in compliance with this chapter;
(C) Be with surety satisfactory to the Commission;
(D) Specify the time for completion of the improvements and installations; and
(E) (1) If improvements are not completed within a period of time established by the bond, the surety company shall be responsible for the completion of the work within the next 12 months.
(2) The subdivider shall have the option of either of the following courses of action in lieu of providing the bond as specified in § 155.086 of this chapter.
(a) The subdivider may deposit cash money with the County Auditor in the amount of the bond. In this event, the subdivider shall be entitled to receive progress payments of not more than 90% of the value of any work completed; provided, however, that, all such work completed shall have been inspected and approved by the appropriate county officials. The remaining 10% of the cash deposit over and above the 90% progress payments shall be retained by the County Auditor for a period of three years from the date of final approval of the improvements and can be used to repair any defects in workmanship or materials which might develop in such improvements; provided, however, that such 10% of the deposit money shall be paid to the subdivider upon filing of the maintenance bond required by § 155.087 of this chapter. Any payments or release of funds by the County Auditor shall be made only upon receipt of an approval certificate signed by the President of the Board of Commissioners and attested by its Secretary.
(b) The subdivider may file bonds obtained by the contractors who are to perform the several phases of the work to be performed in installing the improvements; provided that, the amounts of such bonds are in amounts satisfactory to the County Board of Commissioners for the particular work to be done; and, provided further that, if several bonds are filed as provided in this section, all such bonds shall have a common surety.
(1982 Code, § 55.61) (Ord. passed 4-21-1993; Ord. passed 7-25-2001)