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ORDINANCE NO. 2005-032 (A) Prior to issuance of the certificate of completion for required subdivision improvements, the developer shall execute an agreement and developer and/or its contractor shall provide security guaranteeing the required road, drainage, and sidewalk improvements against all defects in workmanship or materials, for the period of three (3) years from the date of issuance of the certificate of completion. (B) The warranty and maintenance agreement shall be on a form provided by the county attorney's office and shall be secured by an amount equal to twenty-five (25) percent of the total actual cost of the improvements covered. The security shall be either: in one (1) of the forms specified in scction 913.10(1)(D) for construction security. 1. A cash deposit and escrow agreement governing control and use thereof; or 2. An irrevocable letter of credit issued by a financial institution authorized to conduct business within the state; or 3. A maintenance bond underwritten by a security insurer with an A.M. Best's rating of A+ XI or greater and authorized to transact such business in this state. The posted security shall expire, if at all, no earlier than ninety (90) days following the end of the three-year guarantee period. Security for required road, drainage, and sidewalk improvements shall run to the benefit of Indian River County. Upon receipt of a request to release maintenance security to a developer, and within approximately thirty (30) to sixty (60) days prior to a county inspection of required improvements scheduled at the end of the maintenance period, the county shall notify subdivision residents of the request and inspection. Notice may be provided by sign posting, mail, flyers, or advertisement. At the end of the three-year period, the public works director may release the security under the terms of the warranty and maintenance agreement, which shall require certified inspection reports under seal from the developer's engineer and a determination from the county engineer that required road, drainage, and sidewalk improvements meet applicable county performance standards. (3) Failure to perform. In the event a developer and/or its contractor fails to perform the obligations for construction or maintenance required under the above referenced agreements, the board may call upon the surety provided, or any portion thereof, to be used for completion of the necessary remaining work. If the surety is exhausted prior to completion of the work necessary to complete the required improvements, the developer shall remain liable to the county for any resulting Coding: Words/letters underscored are additions to text; words/letters in eFtrikethfewili format are deletions to text. 3