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ORDINANCE NO 2008-009 <br />AN ORDINANCE OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, AMENDING SECTION 913.10(2)(6)3 OF <br />THE INDIAN RIVER COUNTY CODE TO LOWER <br />THE A M BEST RATING REQUIREMENT FOR <br />MAINTENANCE BONDS FROM A+VII TO A -VI; <br />PROVIDING FOR CODIFICATION; PROVIDING <br />FOR SEVERABILITY; AND PROVIDING FOR AN <br />EFFECTIVE DATE. <br />WHEREAS, after hearing input concerning the inability of small <br />developers being able to obtain a surety bond with an A.M Best rating of A+VII <br />or greater, the Board of County Commissioners has considered amending <br />Section 913.10.2(6)3 of the Indian River County Code, <br />NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF <br />COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. AMENDMENT. <br />Indian River County Code section 913.10(2)(B), Maintenance <br />Security, is hereby amended to read as follows: <br />(B) The warranty and maintenance agreement shall be on a form <br />provided by the county attorney's office and shall be secured by an <br />amount equal to twenty-five (25) percent of the total actual cost of <br />the improvements covered. The security shall be either: <br />1. Cash and a cash deposit and escrow agreement governing <br />control and use thereof; or <br />2. An irrevocable letter of credit issued by a financial institution <br />authorized to conduct business within the state; or <br />Coding: Words/letters underscored are additions to text; words/letters in <br />striketkpaugb format are deletions to text <br />1 <br />F:Wttorney\Nancy\DOCS\ORD\ord amend maintenance bond rating requirement.doc <br />