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ORDINANCE 2005- 007 remaining, if available. (D). The surety security posted to guarantee performance of the contract shall expire, if at all, no less than ninety (90) days beyond the last date for performance established by the contract, or any extension thereof. The surety security shall run in favor of the board of county commissioners, must be in a form acceptable to the county attorney, and maybe either: 1. A performance bond underwritten by a surety insurer authorized to transact such business in this state; or 21. A cash deposit and escrow agreement governing control and use thereof; or 3-2. An irrevocable letter of credit, (issued by a financial institution authorized to conduct business within the state; 4.3. Other means of security acceptable to the county attorney's office and the risk management department and the public works and/or utilities departments. (E) For good cause shown, the board of county commissioners may in its discretion grant one or more extensions of time for performance of any contract for required improvements, provided the surety security supporting such contract remains valid for the required ninety -day period following the newly extended time for performance. (F) No certificates 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. or appropriate phase or area of the subdivision have been accepted by the county, or where required improvements are dedicated to a private association, until approved by the county." (G) During the security period, there shall be no reduction in the amount of security posted for residential subdivisions. (11) 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. 4. LDR Section 913.10(2), Subdivision Maintenance Security, is hereby amended to read as follows: "(2) Maintenance security. (A) At such time when the county agrees to accept the dedication of any of the public improvements Prior to issuance of the certificate of completion for required subdivision improvements in a subdivision, the developer shall execute an Bold Underline: Added text e'Fi ethf ug Deleted Text F:\Community Development\Users\CurDev\ORDINANCE\2005\Bonding out for residentail subdivision.rtf 5