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ORDINANCE NO. 2008-009 <br />3. A maintenance bond underwritten by a security insurer with <br />an A.M Best's rating of A+VII A-Vl or greater and authorized <br />to transact such business in this state. <br />The posted security shall expire, it al all, no earlier than ninety (90) days <br />following the end of the three-year guarantee period. Security for required road <br />and drainage improvements shall run to the benefit of Indian River County. <br />Upon receipt of a request to release maintenance security to a developer, <br />and within approximately thirty (30) to sixty (60) days prior to a county inspection <br />of required improvements scheduled at the end of the maintenance period, the <br />county shall notify subdivision residents of the request and inspection. Notice <br />may be provided by sign posting, mail, flyers, or advertisement. <br />At the end of the three-year period, the public works director may release <br />the security under the terms of the warranty and maintenance agreement which <br />shall require certified inspection reports under seal from the developer's engineer <br />and a determination from the county engineer that required road, drainage, and <br />sidewalk improvements meet applicable county performance standards. <br />S ECTION 2. CODIFICATION. <br />It is. the intention of the Board of County Commissioners that the <br />provision of this ordinance shall become and be made part of the Indian River <br />County Code and that the sections of this ordinance may be renumbered or re - <br />lettered and the word ordinance may be changed to section, article or such other <br />appropriate word or phrase in order to accomplish such intention. <br />S ECTION 3. SEVERABILITY <br />If any section, sentence, clause, or phrase of this ordinance is held <br />to be invalid or unconstitutional by any court of competent jurisdiction, then said <br />holding shall in no way affect the validity of the remaining portions of this <br />ordinance. <br />S ECTION 4 EFFECTIVE DATE <br />This ordinance shall take effect upon filing with the Florida <br />Department of State. <br />This ordinance was advertised in the Vero Beach Press -Journal on <br />the 18th day of April, 2008, for a public hearing to be held on the 29th day of <br />April, 2008, at which time it was moved for adoption by Commissioner <br />Coding: Words/letters underscored are additions to text; words/letters in <br />stpilefet42prough format are deletions to text. <br />2 <br />