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ORDINANCE NO. 2005-032 <br />AN ORDINANCE OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, AMENDING INDIAN RIVER COUNTY <br />CODE SECTION 913.10(2) TO ALLOW <br />MAINTENANCE BONDS AS SECURITY FOR THE <br />WARRANTY OF REQUIRED SUBDIVISION <br />IMPROVEMENTS; PROVIDING FOR AN <br />E FFECTIVE DATE, SEVERABILITY, AND <br />CODIFICATION. <br />B E IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA that the Indian River County Land <br />Development Regulations (LDRs) be amended as follows: <br />S ECTION 1. <br />Section 913.10, Security for construction and for maintenance of <br />required improvements is amended to read: <br />S ection 913.10. Security for construction and for maintenance of <br />required improvements. <br />(1) Construction security. <br />(A) When construction of required improvements is to be <br />completed following final plat approval, the developer shall, at or prior to final plat <br />approval, execute a contract for construction of the required improvements and post <br />security in an amount equal to one hundred twenty-five (125) percent of the <br />estimated total cost of improvements remaining to be constructed. For residential <br />subdivisions, contracts for construction of required improvements shall be limited to <br />twenty-five (25) percent of all required improvements, based upon the estimated cost <br />of improvements. [Note: the provision in the preceding sentence shall apply to all <br />complete final plat applications received after March 31, 2005. All final plats <br />approved after September 20, 2005 shall comply with these "section 1" changes, <br />regardless of the date a complete final plat application was filed.] <br />Coding: Words/letters underscored are additions to text words/letters in <br />r format are deletions to text. <br />1 <br />F:Wttorney\Nancy\DOCS\ord\ord amending maintenance bond provisions.doc <br />