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(E) (F) (G) (H) ORDINANCE 2005- 012 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; 3. Other means of security acceptable to the county attorney's office and the risk management department. 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 security supporting such contract remains valid for the required ninety -day period following the newly extended time for performance. 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. During the security period, there shall be no reduction in the amount of security posted for residential subdivisions. 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. Repeal of Conflicting Provisions All previous ordinances, resolutions, or motions of the Board of County Commissioners of Indian River County, Florida, which conflict, with the provisions of this ordinance are hereby repealed to the extent of such conflict. All special Acts of the legislature applying only to the unincorporated portion of the Indian River County which conflict with the provisions of this ordinance are hereby repealed to the extent of such conflict. 5. Codification The provisions of this ordinance shall be incorporated into the County Code and the word "Ordinance" may be changed to "section", "article", or other appropriate word, and the sections of this ordinance may be renumbered or re -lettered to accomplish such intentions. 6. Severability If any section, part of a sentence, paragraph, phrase or word of this ordinance is for any reason held to be unconstitutional, inoperative, or void, such holdings shall not affect the remaining portions hereof and it shall be construed to have been the legislative intent to pass this ordinance without such unconstitutional, invalid or inoperative part. Bold Underline: Added text Strikethrough Deleted Text F:\Community Development\Users\CurDev\ORDINANCE\2005\Reconsideration of Bonding out for res sub.rtf 5