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