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ORDINANCE NO. 2009-002 (E) For good cause shown, the board of county commissioners may in its discretion grant one (1) or more extensions of time for performance of any contract for required improvements, provided the security supporting such contract remains valid for the required ninety -day period following the newly extended time for performance. (F) No certificate of occupancy for residential occupancy for any structure within a subdivision shall be issued until a certificate of completion has been issued for all required improvements, including required buffers, of the subdivision serving the residence, with the exception of sidewalks fronting lots rather than common areas, and any final lift of asphalt in excess of the amount required by county development regulations as of the date of issuance of the land development permit for the subdivision. Prior to issuance of a certificate of completion, the required code minimum layer of asphalt must be in place or the developer shall provide to the county either an irrevocable letter of credit or cash escrow in the amount of one hundred twenty-five (125) percent of the estimated cost of the final lift including striping and resetting survey PCPs, as certified by the developer's engineer and approved by the county engineer. Security for a final lift of asphalt shall be by contract for construction of final lift of asphalt and either an irrevocable letter of credit or cash deposit and escrow agreement. The final lift of asphalt must be installed prior to two (2) years from project's certificate of completion; prior to issuance of a certificate of occupancy for the last residence within the subdivision (or a separately platted phase of a subdivision); or sixty (60) days prior to turnover to a homeowners' association, whichever occurs first. (G) The board of county commissioners may charge fees to process requests to extend, modify, or substitute security and contracts for construction. Said fees shall be established by a formal resolution of the board of county commissioners. (2) Maintenance security. (A) Prior to issuance of the a certificate of completion for required subdivision improvements, the developer shall execute ae either a warranty and maintenance agreement as provided in sub -section (B) below or an agreement to defer the warranty and maintenance agreement and posting of maintenance security as provided in sub -section (C) below, In conjunction with the execution of a warranty and maintenance agreement, aprd the developer and/or its contractor shall provide security guaranteeing the required road and drainage improvements against all defects in workmanship or materials; for the Coding: Words/letters underscored in bold are additions to text; words/letters in +rikethro ,nh format are deletions to text. 5