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9/30/2015 4:15:18 PM
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ORDINANCE NO. 2007-014 <br />AN ORDINANCE OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, AMENDING SECTION 913.10.2, <br />MAINTENANCE SECURITY, OF THE INDIAN RIVER <br />COUNTY CODE; PROVIDING FOR CODIFICATION; <br />PROVIDING FOR SEVERABILITY; AND <br />PROVIDING FOR AN 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+XI or <br />greater, the Board of County Commissioners has considered amending Section <br />913.10.2 of the Indian River County Code, <br />NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that Section 913.10.2, <br />Maintenance security, of the Indian River County Code is hereby amended as <br />follows: <br />SECTION 1. <br />Section 913.10.2, Maintenance security, is amended to read: <br />Section 913.10.2. Maintenance security. <br />(A) Prior to issuance of the certificate of completion for required <br />subdivision improvements, the developer shall execute an agreement <br />and developer and/or its contractor shall provide security guaranteeing <br />the required road and drainage improvements against all defects in <br />workmanship or materials, for the period of three (3) years from the <br />date of issuance of the certificate of completion. The three-year <br />maintenance period commences at the time the certificate of <br />completion is issued and not when the final lift of asphalt is applied in <br />the event a final lift of asphalt is secured by either an irrevocable letter <br />of credit or cash escrow rather than installed. <br />(B) The warranty and maintenance agreement shall be on a form provided <br />by the county attorney's office and shall be secured by an amount <br />Coding: Words/letters underscored are additions to text; words/letters in <br />format are deletions to text. <br />FAAttorney\Nancy\DOCS\ORD\ord 2007 amending 913.10.doc <br />
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