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<br />DRAFT SUBDIVISION ORDINANCE <br /> <br />86 . 002~63 <br /> <br />5-420 <br /> <br />(1) The subdivider enters into an agreement with the <br />. guaranteeing that the improvements <br />(local unit) <br />will be installed in accordance ~ith the plans, <br />specifications, and schedules approved by the <br />prior to plat approval. This <br />(review agency) , <br />.agreement shall also guarantee that no lot will <br />be sold or building construoted in an area <br />subject to flood prior to completion of all <br />flood protective works or measures planned for <br />such lot and necessary acoess facilities. <br /> <br />~O'~ <br />;~':;j:r;1 <br />.:~"t~-" <br /> <br />(2) Simultaneous with the exeoution of the agree- <br />ment specified in (1), the subdivider offers a <br />fiscal surety to guarantee performance of this <br />agreement and installation of improvements by <br />the subdivider/owners at their own expense in <br />aocordance with the approved plans, specifica- <br />tions, and schedules. The surety bond shall be <br />in the full amount of the estimated costs. <br />The surety agreement shall be conditioned upon <br />final approval of the plat. The bond shall be <br />offered by the subdivider, his agent or an <br />authorized bonding firm. The bond shall oonsist <br />of a certified check, escrow aooount, or irre- <br />vOCable letter of ~redi~ in favor or <br /> <br />(the govern- <br /> <br />~gbody) <br /> <br />(3) The l?ubdivider agrees that the deposit in escrow <br />may be applied by the governing body for the <br />completion of improvements as agreed and may <br />be held for a period of months after final <br />completion of such improvements for the purpose <br />of: <br /> <br />(a) Guaranteeing and securing the correotion of <br />any defect in material or workmanship fur- <br />nished for such improvements, latent in <br />character, and not disoernib1e at the time <br />of final inspection or acceptance by the <br />governing body, and <br /> <br />(b) Guaranteeing against any damage to such <br />improvements by reason of the settling of <br />the ground, base or foundation thereof. <br /> <br />Such agreement shall also provide that the bond <br />may be applied by the for any <br /> <br />(governing body) <br />amounts incurred correcting such defects. The <br />balance of such deposit, if any, held at the end <br />of such period shall be re- <br />turned by the governing body to the depositor, <br /> <br />".-->-- <br />'~~Y[~tj <br />